Builders Risk Insurance Coverage & System Upgrades
In response to the needs of you and your builders risk insurance clients, US Assure introduced several course of construction coverage and platform enhancements over the weekend of May 29.
Your clients, with policy effective dates of June 15, 2020*, and beyond can now enjoy the following coverage improvements from the Builders Risk Plan insured by Zurich, subject to eligibility and underwriting guidelines:
- Ordinance or Law coverage is included with remodeling only policies, that exclude the existing structure, with a limit of up to $1M.
- Rain, Snow, Ice or Sleet coverage was amended to better defend coverage for exterior project installations.
- Optional Earthquake coverage includes mine subsidence as a covered cause of loss.
- Existing Real Property coverage can be endorsed for commercial accounts, when issued on our manual 40660 form, in order to extend limited premises liability when the covered cause of loss is triggered by the contractor and damages an existing structure that is not part of the construction project.
*The effective date may vary by state as these coverage form changes are being released in phases once approved by individual states. Ask our team for more information about the availability in your area.
Access the Policy Forms: To learn the specifications and conditions of these coverages, our policy forms are available for you to examine. Log in then locate My Policies > Forms Library in the navigation bar.
In addition to the coverage enhancements we implemented, you’ll find several system improvements, including:
- Fewer underwriting questions
- Property address visible in your Recent Work In Progress tool
- Ability to generate a certificate of insurance without the additional interest data
Launching June 15: Got the need for speed? Skyrocket your account with XPressBIND®. It’s the fastest and easiest way to obtain residential builders risk insurance. We created a game-changing application that eliminated most of the underwriting questions required to quote and issue new home construction projects valued up to $500,000. Find Out More >
We’re here to help. Should you have questions, our dedicated team of specialists is available at (800) 800 – 3907.
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Effective May 13, 2023, the 12-month policy term for remodeling policies with existing structure included and valued under $50,000 will no longer be available.