Builders Risk News Roundup: February 2024
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.
1) Debris Removal
Debris removal is automatically included in our residential and commercial builders risk policies, with the option to increase sub-limits beyond the standard amount provided. The coverage protects from debris removal expenses on the property caused by a covered cause of loss if it’s reported in writing within 180 days of the date of the direct physical loss or damage.
This additional coverage does not apply to costs incurred from extracting “pollutants” from land or water, or removing, restoring or replacing polluted land or water.
2) Loss of Business or Rental Income
The commercial loss of business or rental income endorsement* is available for purchase and is designed to protect actual loss of business or rental income incurred due to a covered cause of loss.
Only the commercial building owner who has an insurable interest arising from loss of income or rents can obtain proceeds from this endorsement, and only if that building owner was a named insured.
*Installation projects do not qualify for this endorsement.
3) Testing Building Systems
This exclusive “cold testing” endorsement is available for purchase for residential and commercial projects.
Testing of building systems coverage applies to the functionality of installed building systems and equipment that is intended to heat, cool or service the building, including but not limited to electrical, mechanical, hydrostatic and pneumatic.
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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