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Builders Risk News Roundup: September 2022
August 31, 2022
For this month's edition of our Product News Roundup, check out the these noteworthy tips to help you sell and service construction clients with confidence.
Check out the these three noteworthy policy details to help you sell and service construction clients with confidence.
Anticipated Completion Date
When completing an application, confirm that you’ve entered the “Anticipated Completion Date” as it’s listed in the construction agreement, rather than the policy expiration date. If you can’t find it in the agreement, be sure to ask your client.
Hard and Soft Costs
The hard cost sum is based on the project’s total completed value and includes all costs associated with the design and construction of the project. Soft costs are less tangible items likely paid prior to construction, such as advertising and promotional expenses.
When Coverage Ends
Certain conditions can end coverage, so our 40471 and 40660 coverage forms are available any time for you to read the full description. Log in then select Forms Library under Programs > Builders Risk.
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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.
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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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