Builders Risk News Roundup: April 2024

April 1, 2024

Check out these three tips that will prepare you for a smooth claims process should a loss occur.

1) Secure a signed application. 

Zurich may request a signed copy of your application should a loss occur. Whether you issue the policy online or manually with our Underwriting team, have your client sign it and keep a copy in your records. They can also sign a list of optional coverages that were offered but declined.

2) Explain the importance of a construction cost breakdown.

When a claims adjustor reviews a policy after a loss, they send documents to the insured and often request a copy of the construction budget.

The contractor should have an itemized budget, which informs the requested coverage limits on the builders risk application. The insured should keep this close, along with any receipts.

3) Keep contact information handy.

After a loss, timely claims reporting to Zurich is essential. Multiple channels are available to report claims around the clock, including Refer to Zurich’s claims reporting guide for complete instructions.

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.

This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non-admitted basis. Product availability is subject to change.

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