Demystifying Builders Risk Policy Renewals and Extensions
Builders Risk Tips With Director of Producer Training and Development
Each month, US Assure Director of Producer Training and Development Mary Stiglic joins us in the studio to address a common question or pain point to help you confidently sell to and service your construction insurance clients.
Read the Video Transcript:
Hi there! Ethel here. I’m standing in for Mary while she leads some workshops. But wouldn’t you know it? She planned this right during my self-care day!
I’m about ready to pull out my hair figuring out where to start on this skincare stuff. All these different face creams practically claim to be the fountain of youth, but nobody can decide how to do it.
Should I focus on deep cleansing and detox? Hydration? Brightening? Ugh. I don’t know how I’m supposed to figure this out.
But you know one mystery we can solve right now? What to do when your clients need more time to complete their construction projects.
First thing you need to know: renewals and extensions are not automatic.
Your policy term is gonna depend on the policy type you secured and the project value. All policies will expire at the end of their term unless you secure that renewal or extension.
But — and you’re gonna want to remember this — you need to request that renewal or extension at least one day before the policy expires. Depending on the risk, underwriting approval may be required, so add a little time cushion when clients’ policies are about to expire.
Let’s start with those project types you can renew or extend online.
For all residential and commercial valued up to $10 million on the small 40471 coverage form, you can renew new eligible construction accounts for a twelve-month term or extend remodeling accounts.
To do that, start by visiting our policy issuance platform at usassure.com. Once you’re logged in, you’ll see transaction options in the left navigation. Scroll until you see “Manage Existing Policy.” Select “Renew” and process those requests so underwriting can review the account to determine if it’s eligible. To extend a remodeling policy, select “Endorse” and choose the policy term extension option.
Now, for commercial policies that were not originally issued online.
These are generally commercial projects valued over $10 million, and issued on our 40660 form – whether that’s new construction or remodeling. To renew or extend, you should contact our Underwriting team either by phone or email to submit your request.
There! All you need to know in one neat little package.
Wish I could say the same for this skincare stuff … Let me mix a few of these together and see what happens … Ooh! That burns a little. Must mean it’s working.
‘Til next time.
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.
