Builders Risk News Roundup: July 2022
For this month's edition of our Product News Roundup, check out the these noteworthy tips to help you sell and service construction clients with confidence.
Confirm the Total Completed Value
Schedule a checkpoint with your client during the policy term to ensure the total completed value (TCV) is still correct. Rise in material costs or contract change orders are just two factors that could alter the project value. If the TCV has increased, you can endorse the policy through the channel it was issued.
Know Percentage Deductible Calculations
The 40471-coverage form (projects valued under $10M) deductible is calculated on total completed value. The 40660-coverage form (generally projects valued over $10M) deductible is calculated on the values at risk at the time of the loss.
Identify Percentage Complete
Any project over 30% complete at the time of submission will require additional underwriting review. You can calculate the percentage complete by dividing the amount spent to-date by the total completed value.
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See you next month when we deliver with another roundup of product news. Until then, you can leverage our resource center to boost your knowledge even more.
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Check out these three tips for insuring frame construction so you can confidently sell to and service construction clients.
Through US Assure, you have access to policies that often complement the needs of your builders risk insurance clients. Check out these instructions to service them in the most efficient way.
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.