Builders Risk News Roundup: November 2023
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1) Debris Removal
Debris removal is automatically included in our standard builders risk policy with the option to increase sub-limits beyond the base amount provided.
The coverage protects from debris removal expenses on the property caused by a covered cause of loss if it’s reported in writing within 180 days of the date of the direct physical loss or damage.
2) Expediting Expense
Expediting expense covers the cost incurred to rush permanent repair or replacement of lost or damaged covered property or to complete a covered project in the period stated by the construction contract.
This additional coverage is available for purchase and subject to the deductible applicable to the covered cause of loss for the lost or damaged covered property.
3) Soft Costs
Soft costs are less tangible items likely paid prior to construction, such as insurance premiums, consultant fees and advertising and promotional expenses.
This commercial endorsement covers soft costs that would not have otherwise been incurred without a delay in the anticipated completion date of the project.
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.
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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