Builders Risk Policy Types

From homeowners to business entities to contractors, builders risk insurance can be secured in the name of nearly anyone with a vested interest in the project under construction. While the scope of coverage is often the determining factor when selecting an insurance provider, the features, terms, coverages and more of the builders risk policy must also be a great fit for the client and the project.

Here are the four policy options offered through the US Assure Builders Risk Plan insured by Zurich:

  • Single project / one-shot: Policy for contractors or residential and commercial property owners with one new construction, remodeling or installation project
  • Reporting form: Policy for contractors with two or more residential and commercial new construction projects valued up to $3 million
  • Blanket deposit premium: Policy for contractors with residential or commercial new construction projects, averaging 25 or more builds per year
  • Blanket installation: Policy for trade contractors with residential and commercial projects

To determine the right policy for your construction client, you’ll need to assess their portfolio.
What types of projects are your builders targeting? How many starts is the builder expected to take on in the next 12 to 18 months? Where is the construction being performed? These are all factors you should consider during the policy selection process.

US Assure’s builders risk policies are based on total completed value, which is defined as the total of all costs associated with the building and designing of the covered property — including labor, overhead and materials. The total completed value excludes land cost. In addition to the building and design costs, clients may choose to insure a percentage of the building profit. Insurance agents should ask clients to share a copy of the construction agreement or cost breakdown to review a list of required coverages and verify the total completed value.

An outline of course of construction coverages available for the Builders Risk Plan’s single project and reporting form policies is available in our Coverage Summary by Policy Type guide. Our dedicated team of specialists is also available to discuss which factors you should consider and the best coverage available to protect your clients’ financial interests in the event of a loss.

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