What’s in your Builder’s Risk policy?
If anything sums up the old adage about something being “greater than the sum of its parts,” it would be a construction project. Before we discuss the advantages of a reporting policy, however, it’s important to understand what a builder’s risk policy insures.
During the course of construction (where the value of the project increases day after day), a builder’s risk policy covers damage to buildings, structures and other property that is a permanent part of same. The extent of coverage, however, can vary depending on the carrier. AXA XL’s Inland Marine team offers a builder’s risk policy that can insure:
Additionally, equipment breakdown, flood, earthquake and volcanic eruption are available when required. Finally, soft cost coverage can be crafted to address additional expenses such as:
Reporting for Duty
Many contractors buy standalone policies to cover individual projects. Furthermore, these policies might be insured by different carriers. The insured and broker’s objective is to obtain the best terms, price, and service for that particular job. This seems straight forward enough, but it may not always be the best choice.
For contractors with multiple projects — built using the same construction material for similar occupancies (for example reinforced concrete, glass and steel office buildings) — a Master Builders Risk reporting form can offer significant advantages over single policies.
Other Things to Consider
We’re not calling these disadvantages for a reason. They’re simply points a contractor should look at closely when deciding to buy a reporting policy.
The bottom line is a reporting form policy can save time and money for the right kind of contractor and construction project.
About the Authors: Alexander McGinley is the Head of Underwriting Operations, Product and Strategy for AXA XL’s North America Marine team. Mike Perrotti is the Inland Marine Practice Leader for AXA XL’s North America Marine team. AXA XL’s inland marine underwriting and claims teams can work with you and your broker to determine if it’s the right policy arrangement for your project portfolio.
Global Asset Protection Services, LLC, and its affiliates (鈥溇派悠礡isk Consulting鈥�) provides risk assessment reports and other loss prevention services, as requested. In this respect, our property loss prevention publications, services, and surveys do not address life safety or third party liability issues. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. The provision of any service does not imply that every possible hazard has been identified at a facility or that no other hazards exist. 九色视频Risk Consulting does not assume, and shall have no liability for the control, correction, continuation or modification of any existing conditions or operations. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any document or other communication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, 九色视频Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with our services, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.
US- and Canada-Issued 尤物视频Policies
In the US, the 九色视频insurance companies are: Catlin 尤物视频Company, Inc., Greenwich 尤物视频Company, Indian Harbor 尤物视频Company, XL 尤物视频America, Inc., XL Specialty 尤物视频Company and T.H.E. 尤物视频Company. In Canada, coverages are underwritten by XL Specialty 尤物视频Company - Canadian Branch and AXA 尤物视频Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following 九色视频surplus lines insurers: XL Catlin 尤物视频Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor 尤物视频Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.
