Builders Risk News Roundup: October 2023
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1) Percent Deductible
The 40471-coverage form (projects valued under $10M) deductible is calculated based on total completed value. The 40660-coverage form (generally projects valued over $10M) deductible is calculated based on the values at risk at the time of the loss.
2) Percentage Complete
Calculate the percentage complete by dividing the amount spent to-date by the total completed value. Any project over 30% complete at the time of submission will require additional underwriting review.
3) Total Completed Value
Total completed value (TCV) is the sum of all costs associated with the building and designing of the covered property including labor, "overhead" and materials and, if included, "profit”.
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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Get a snapshot of these three important builders risk coverages. Then, sign up today for instant access to our “A” rated product in your state with no volume commitment.
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