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Builders Risk News Roundup: January 2023
January 5, 2023
Check out these three optional coverage descriptions. Then, sign up today for instant access to our “A” rated product in your state with no volume commitment.
1) Change Order
Contract upgrades during new construction or remodeling often increase the total completed value but go unreported, resulting in an underinsured project.
Our change order endorsement can be added as a safety net in increments of 10, 20 or 30% of the total insured value at the time the policy is issued or endorsed at a later date.
2) Extra Expense
Business owners can receive reimbursement for actual extra expenses needed to avoid suspending or to minimize the need to suspend operations when extra expense coverage is endorsed with the policy.
This optional coverage will also pay for costs associated with repairing or rebuilding to reduce further loss, even if such mitigation efforts are temporary.
3) Expediting Expense
When clients suffer a loss due to a covered cause, expediting expense coverage helps them get the project back to its pre-loss state … faster!
With this endorsement, funding would be provided to expedite permanent repair or replacement of lost or damaged covered property.
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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Do you know the differences between a named insured, additional name insured and additional insured?
When a covered cause of loss occurs, the claims payment check will be issued to all named and additional insureds, as well as lenders, and each will be required to sign it in order to receive funds.
Check out these definitions to ensure you understand the full impact of each insured type.
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