Product Update

Builders Risk Insurance Updated in Commercial Property Insurance

Builders risk policies are designed to insure the property loss exposures associated with construction projects. Construction projects involve unique risks not contemplated by the forms, underwriting approaches, and rating methods used to insure completed buildings and their contents. The vast majority of builders risk policies are written on nonfiled inland marine forms. There is no such thing as a standard builders risk policy. The only way to know what a specific policy does or does not cover is to read the policy carefully. This release to Commercial Property Insurance provides an updated discussion of this important and complex coverage line. The discussion addresses construction contract requirements, who should be insured under the builders risk policy, and both direct damage and time element coverage for property under construction.

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