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Builders Risk News Roundup: November 2022
October 31, 2022
Check out these three noteworthy application tips to help you sell and service construction clients with confidence:
1) When Coverage Begins and Ends
Certain conditions can end coverage on a builders risk policy. Log in to read our 40471 and 40660 coverage forms for the full description and educate your clients on the topic.
2) Signed Applications
Before you issue a policy, obtain your client’s signature on the application. If a loss occurs, Zurich will request a copy of it during the claims review process. When securing a policy online, a PDF version of the application is accessible on the Issue Summary Screen. If you worked directly with an underwriter to secure a quote, just keep a copy of the application submitted to the underwriter with your client’s signature.
3) Renewals and Extensions
One-shot new construction policies expire at the end of their term, but they can be renewed prior to the expiration date. Depending on the risk, underwriting approval may be required. To initiate the request, log in and find Manage Existing Policy in the left navigation. Click Renew for new construction and Endorse for remodeling.
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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.
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