Builders Risk News Roundup: April 2023
Check out these three builders risk policy tips.
1) Reinstatements and Endorsements
Policy reinstatements and endorsements are primarily processed online.
If there was a lapse in coverage, a reinstatement request can be made by contacting our Billing team at (800) 800 - 3907. Payment does not guarantee reinstatement, so be sure to contact us beforehand.
2) Policy Renewals
Policy terms vary depending on the policy type and project value. Policies expire at the end of their term, and in some circumstances, you can renew it prior to the expiration date. Depending on the risk, underwriting approval may be required.
To initiate the request, log in and find Manage Existing Policy in the left navigation. Click Renew for new construction and Endorse for remodeling. Accounts previously written by an underwriter should contact our service team at (800) 800 - 3907 for assistance.
3) Agent of Record Change (AOR)
If a new agent takes over a policy mid-term, both the former and new agency must submit an Agent of Record change request via email and allow five business days for processing.
Filling out the Statement of No Loss does not change commission or balance information for premium due; the policy must be officially changed through a rewrite, with the new policy written through the receiving agent.
See you next month when we deliver another roundup of product news. Until then, you can find more training tools for you and your team in our resource center.
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