Builders Risk News Roundup: September 2022

Aug 31, 2022

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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See you next month when we deliver with another roundup of product news. Until then, you can leverage our resource center to boost your knowledge even more.