Builders Risk News Roundup: March 2023
Check out these details about insuring modular construction.
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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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.