Builders Risk News Roundup: June 2023
Natural disasters are impacting course of construction more than ever. A wide range of named perils are standard to our policy, including but not limited to fire, lightning, collapse, wind and hail storms.
That’s not all. Here are a few optional endorsements that can be added to residential and commercial one-shot builders risk policies valued up to $75 million.
1) Flood Endorsement
Coverage for flood damage is available in many locations and can be added through an endorsement.
2) Earthquake Endorsement
Coverage is available in many locations. It covers loss or damage caused in any one occurrence up to the Earthquake Limit of Insurance and any loss or damage caused by fire or explosion due to the quake.
3) Named Storm Deductible
The named storm deductible is available for purchase. This endorsement recognizes a named storm event where this deductible is applicable should a loss occur. If a non-named wind event occurred, the “all other peril” deductible will apply to the covered loss.
These optional coverages can be selected during the online submission process at usassure.com. Should you have questions about any one of them, talk to a member of our team at (800) 800 – 3907.
Visit Zurich’s resource hub for tools and insights to help your clients prepare for, respond to and recover from natural disasters.
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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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.