Builders Risk News Roundup: March 2023
Check out these details about insuring modular construction. Then, sign up today for instant access to our “A” rated product in your state with no volume commitment.
1) Modular vs. Manufactured Construction
Modular home construction, which consists of pieces or sections that are created in a warehouse and assembled at the building site, are eligible for coverage.
Manufactured homes, which are built on top of a non-removable steel chassis that enables them to be transported from the warehouse or factory to another location, are ineligible.
2) Coverages for Modular Homes
Modular construction is treated just like a site-built project. That means all coverages you would expect in a standard Zurich builders risk policy could be offered, possibly even property in-transit.
3) Application for Modular Building
In addition to the details required for a bricks-and-sticks project, supplemental information is needed during the application process, including who will provide the transit, how many homes will be transported, the design or plan number, manufacturer’s website, and how the home is assembled (who puts the sides together and who finishes the build).
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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A safety net for increasing material costs is now available! US Assure is expanding the eligibility for the inflation guard endorsement to the Builders Risk Plan insured by Zurich.
Read this PC360 article from our president about the growing opportunities in the construction industry despite inflation and supply chain lags.
Check out these three builders risk policy tips. Then, sign up today for instant access to our “A” rated product in your state with no volume commitment.
Explore US Assure’s newly renovated website and provide us with your feedback.