Product Update

Builders Risk Insurance Updated in Construction Risk Management

Builders risk insurance covers losses associated with damage to a project under construction. Although standard builders risk forms exist, they are not widely used, and most insurers active in the construction market have developed a nonstandard inland marine builders risk form for their own use. Because each form is unique, drawing comparisons of the coverage provided by each form is a painstaking process that requires reading each form in its entirety and looking for any variations in language that could have implications for coverage.

This release of Construction Risk Management includes an updated discussion of builders risk insurance, It covers both direct physical damage to the construction project and delay in completion (soft costs) arising out of covered damage to the project and is based on an analysis of five leading builders risk insurers' forms, plus Insurance Services Office, Inc., and American Association of Insurance Services standard forms. Excerpts of policy language from various forms are used to illustrate coverage differences.

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