Builders Risk News Roundup: May 2023
Check out these three tips on our inflation guard endorsement.
1) Inflation Guard Eligibility
The inflation guard coverage endorsement can now be secured online for residential and commercial new construction and remodeling projects valued up to $75 million.
2) Inflation Guard Explanation
Different from our contract change order endorsement where the cost of materials increases at the owner’s direction, our inflation guard endorsement covers the unexpected rise in price of materials being installed throughout the course of construction.
3) Inflation Guard Function
While this optional coverage serves as a safety net for unforeseen material cost increases, it is not a replacement for endorsing the policy when the total completed value changes.
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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Effective May 13, 2023, the 12-month policy term for remodeling policies with existing structure included and valued under $50,000 will no longer be available.