Builders Risk News Roundup: February 2023

1) Policy Cancellation Request 

To cancel a policy, submit an ACORD 35 form via email. If you don’t have access to the form through your organization, you can find a standard copy by searching online.

2) Pro-Rata Eligibility

In most states, policies are fully earned for residential projects, as well as commercial accounts under $1M. However, pro-rata cancellations may be permitted based on state requirements or underwriting guidelines. For more information, contact our Service team at (800) 800 - 3907.

3) Policy Reinstatement

In some scenarios where the premium payment was late or missed, a policy reinstatement can be considered if coverage is needed. This will require you to submit a completed Statement of No Loss letter from the policyholder.

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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