This podcast and the corresponding Adjusting Today article titled, "Builder’s Risk Insurance: Specialized Coverage for Construction Projects" focus on a policyholder and which steps they should take to ensure there is adequate insurance coverage on their upcoming or existing new construction project. Important points of this roundtable include identifying exposures, increased costs due to the shelf-life of previously acquired bids and basing your Builder’s Risk Insurance policy on the anticipation of a total loss.
Key Takeaways:
[1:14] How to define Builder’s Risk Insurance.
[2:31] Who purchases Builder’s Risk Insurance?
[3:51] When a building is being constructed what kinds of risks is it exposed to?
[5:54] Who and what can be covered under a Builder’s Risk policy?
[10:31] How do you define the term builder?
[13:22] Does this policy cover materials in transit to the job site as well as when materials are in storage awaiting transit?
[18:03] What is the best way for a buyer to get adequate coverage?
[21:06] What are common errors on the Completed Value Form?
[27:43] What is the difference between a Completed Value Form and a Reporting Form?
[31:07] What role does a deductible play when calculating penalties relating to Builder’s Risk Insurance?
[32:40] What are examples of covered causes of loss and exclusions under a Builder’s Risk policy.
[45:38] What options are available if a Builder’s Risk policy is terminated but there is still work to be completed on the building?
[51:41] What beneficial optional coverages are available for a policyholder to add in a Builder’s Risk policy?
[57:32] What is Contingent Coverage with regards to Builder’s Risk Insurance?
[1:02:04] Who should a person seek out when investing in an insurance policy or after sustaining a loss?
Panel of Insurance Experts:
Tony D’Amico, Senior Vice President at Goodman-Gable-Gould /Adjusters International
Jim Mahurin, Risk Management Consultant and member of the Society of Risk Management Consultants
Mentioned in This Episode: