Reinstating Builders Risk Policies: What Agents Need to Know

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!

Reinstating a builders risk policy isn’t a solo sprint: it’s a relay race.

Beyond eligibility, the process requires a smooth handoff between the agent, the insured and our Billing team. 
When a premium payment is missed or coverage lapses, and the insured wants their policy to resume, that’s when we take our marks for the Reinstatement Relay.

Let’s say the first runner is the agent.

If a policy is canceled due to nonpayment and the insured wants to continue coverage, the agent should contact our Billing team to discuss reinstatement options and whether the policy is eligible. Submitting a payment after the due date does not guarantee reinstatement.

And be sure to reach out as soon as possible. If more than 30 days have passed since cancellation, the policy won’t be eligible for reinstatement.

The baton now moves to our Billing team.

During their formal review, they investigate for current weather or catastrophe related underwriting holds, prior cancellation activity and returned payments to see if the policy is eligible.

If weather holds are in place, Billing has to wait for those to clear. And if there have been three or more notices of cancellation, the policy cannot be reinstated.

But, if our Billing team has confirmed the policy is eligible, they will pass the baton back to the insured or agent with further instructions.

Along with the payment, a correctly completed No Loss Letter must be provided to us within three business days. If the timeline expires, the account will need to be reviewed again.

Now the agent picks up the baton again as they work with the insured to gather the required information for the No Loss Letter.

To avoid delays, every No Loss Letter must clear certain checkpoints, including but not limited to:

• The cancellation date must match the date on the cancellation notice.
• The No Loss Letter must be submitted the same day that the insured signs and dates it. If signed electronically, include the Certificate of Completion.
• The current date listed should be the same day the letter is signed and submitted to US Assure. 

Want more guidance? Our guide shows exactly how to fill out the No Loss Letter. You can find this resource in our policy issuance portal at usassure.com.

The completed No Loss Letter can be submitted to billing.fax@usassure.com. Outstanding payments can be made electronically on our secure billing portal or via phone.

When you and your client understand our reinstatement requirements and provide the right information on time, you can improve the chances of approval and help move the process along more smoothly.

It’s a team effort! And while we've shown you how to navigate the process, helping clients avoid missed payment deadlines is a great alternative to keep coverage on track.

'Til next time.

US Assure’s operations are conducted through multiple legal entities, the choice of which depends on whether the business is admitted or non-admitted. Admitted business is conducted by US Assure Insurance Services of Florida, LLC, a Delaware limited liability company based in Florida (“US Assure of Florida”). Non-admitted business is conducted by US Assure E&S (“US Assure Series”), a series of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. US Assure of Florida and US Assure Series are indirect subsidiaries of Ryan Specialty, LLC. US Assure works directly with brokers, agents and insurance carriers, and as such does not solicit insurance from the public. Some products may only be available in certain states or provinces, and some products may only be available from surplus lines insurers. US Assure of Florida in California: InLink Insurance Services (License #0D44490). US Assure Series in California: RSG Specialty Insurance Services, LLC (License #0G97516).  

The description of the Builders Risk Plan insured by Zurich is only a summary of available coverages. The terms, conditions, provisions, limitations, and exclusions of the actual policy as issued will dictate the scope of coverage in the event of a claim.