Builders Risk News Roundup: January 2023

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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