9 Misconceptions about Online Builders Risk Policy Issuance

Construction | Nov 29, 2019

When you’re rushing to secure builders risk insurance policies for personal and commercial lines clients on tight deadlines, what you don’t know could slow you down or possibly affect whether you win an account. Their construction timelines and your workload can put on the pressure, but we have insight that could enhance the experience for you and your clients.

Here are nine misconceptions about your scope of capabilities when issuing the Builders Risk Plan insured by Zurich through US Assure’s online platform:

Misconception #1: My application is on hold so there must be an error or the risk isn’t eligible.

We hear this one all the time, and it couldn’t be further from the truth! In fact: over a 2.5-year span, an estimated 90 percent of submissions that were previously on hold were quickly approved. An underwriting hold often just means that the project is more complex than those accounts that generally flow through our system. In such a case, an extra layer of underwriting review is required. Their knowledge could identify gaps in coverage and be added protection for you against E&O claims. So, when a policy goes on underwriting hold, take a look at the details of the hold and follow up with the requested information or documentation. And, you can now submit attachments (including PDFs, Word documents, Excel sheets, etc.) through our online system when a hold occurs to further expedite the policy issuance process.

Misconception #2: I must rely on an underwriter to issue my client’s builders risk policy.

Nope! Through our online policy issuance platform, you would submit a builders risk application. If no holds occur, it will flow through the system, and we’ll send the insured an invoice for the policy afterward or you can pay at the time of issuance. If a hold occurs, an underwriter will review and follow up with you about additional information needed (if any). If the account is approved, the underwriter will notify you so you can then issue the policy online when ready.

Misconception #3: I have to manually enter existing customer information into a new builders risk application.

Talk about a time-saver! If you have clients for whom you’ve secured builders risk with US Assure before and they need a new policy, you don’t have to go through all the effort (and tedium) typing their information in again. Once you’re logged into the policy issuance site, you can find a link to populate that existing customer’s data into a new application from your homepage dashboard.

Misconception #4: I can’t apply for commercial course of construction coverage online.

Actually, the builders risk application process for projects of any value and construction type starts online, even for commercial risks. If the total completed value is more than $10 million (or higher limits are needed), the application will be directed to a dedicated senior underwriter who will conduct a manual review of the account. The underwriter will then follow up with you via phone call or email. They will talk through the project details and from there, you’ll receive either a manual binding quote or a tentative quote detailing what additional information is required (if any).

Misconception #5: My client’s builders risk policy will automatically renew.

As the agent of record, you must initiate the process to renew a builders risk policy for an additional term (with underwriting approval). The policy could potentially be renewed for an additional three years (with the last year considered unsold dwelling coverage). If your client needs to renew builders risk coverage for a policy secured online, you can start the renewal on our policy issuance platform, and an underwriter will review it. For commercial policies that were previously issued manually by an underwriter, agents should email their underwriter to request the renewal.

Misconception #6: I don’t need to view / print / download the builders risk application.

We strongly recommend downloading and printing the builders risk insurance application, getting it signed by yourself and your client, and keeping that signed copy for your records. Not only can it be helpful for reference when discussing the project with your client, but it can offer a form of protection in the event of a claim to have a written record of the coverage expected and secured.

Misconception # 7: I have to submit a request to receive copies of policy documents.

While you certainly can request support from our dedicated service or underwriting teams, you can access policy documents for your builders risk clients at any time through our builders risk policy issuance platform. Find the policy for which you need documents in Policy Search on the homepage dashboard after logging in, then select the documents you need.

Misconception #8: I can’t generate a quote proposal for a reporting form policy.

You can! After completing our online builders risk application, click the Quote Proposal button in the online policy issuance platform to generate a PDF. You can then forward the electronic quote proposal document to your client or print it and review the information together.

Misconception #9: I can use the blank endorsement online to request a policy cancellation.

Want to cancel a policy? No problem. Fill out an Accord 35 form and submit it via email to us at buildersriskrequests@usassure.com. If you don’t have access to an Accord 35 form through your organization, we recommend using a search engine like Google or Bing to find one online.

These are just a few of the common misconceptions we talk to agents about nearly every day. If you have questions about the capabilities of our online builders risk platform, contact our dedicated team of specialists to discuss it

Ready to get started? Grab a copy of our Getting Started Online Checklist for the information you need to gather before submitting your next builders risk policy online.

This is intended as a general description of certain types of insurance and services available to qualified customers. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.

Getting Started Online: Builders Risk Checklist

Looking to submit a builders risk insurance application online? Get this handy resource to learn what information you should gather to make your policy issuance process as quick and easy as possible.

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