Builders Risk News Roundup: September 2023
Check out these three tips for insuring frame construction so you can confidently sell to and service construction clients.
1) Frame Appetite
Zurich will consider single-structure frame projects up to $25 million, including all exposed values at the project site. This means any additional endorsements (i.e., soft costs, business income) must be included in the project value.
For multiple structures, the limit is extended to $35 million, but the same condition applies.
2) Underwriting Considerations
Frame construction is more vulnerable to exposures, so eligibility is based on factors such as protection class, time to complete the project, occupancy and job site security.
3) Online Submissions
Applications for frame projects should be started online. Depending on the value and other project variables, the account will flow through our system or go on hold for underwriter review before a quote can be provided.
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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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.
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.