Builders Risk News Roundup: December 2023
Check out these three reporting form policy guidelines that will help you confidently sell to and service course of construction clients.
1) Reporting Form Eligibility
The reporting form policy is a convenient option for customers with five or more projects a year.
Reporting form policies are available nationwide for residential and commercial new construction and remodeling (excluding existing structure) projects valued up to $3 million. In some coastal areas, the limit is $1.5 million.
There are *two available reporting form rate options: annual and monthly.
*In Florida, only the annual reporting form policy is available.
2) Annual vs. Monthly Reporting Form
The annual rate reporting form is ideal for large custom homes or other structures that will be in inventory for more than six months. The insured must report each location started during the previous month. Any start will not be reported more than once per year.
The monthly rate reporting form is best for structures built and sold in less than six months, depending on state rates. All structures in inventory must be reported every month. This option is not available in Florida.
3) Reporting Form Procedure
After the policy is issued, the insured will receive a reporting form around the middle of each month. To avoid gaps in coverage or cancellation, the insured must report any new “starts” which occurred before the month ending date shown.
The completed form must also be returned to US Assure, along with the premium payment, by the due date.
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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Check out these descriptions of three optional and additional coverage endorsements that can enhance the scope of coverage for your commercial or personal lines clients.
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