Top Three Builders Risk Tips and Tricks of 2024

Top Three Builders Risk Tips and Tricks of 2024

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3 min

Hi, there.

Whoa! It's 2025 already. Who hit the fast-forward on the calendar? I barely finished my New Year's resolutions from two years ago.

Anyway.

Today we're getting a little throwback. I'm counting down the top three most-watched Tips and Tricks videos of last year.

Let's dive into the best of the best. Whether you're here to reminisce, or maybe to figure out what everyone else already knows.

But there are a few select triggers that end coverage and it would be whatever happens first. Once your interest in the covered property ceases when covered property is leased or rented to others. Once the covered property is accepted by the owner or buyer and the contractor has been paid in full, or the transfer of ownership has taken place, again, these are just a few.

So, I hope I've inspired you to carefully read the most interesting coverage forms in the insurance universe. What do you need to know before you get started? Well, first and foremost, what's the description of the work being performed?

The more details you provide on the front end, the faster and easier your policy issuance process will be. Next, what does your client need coverage for? Just the renovations? Or do they need coverage for both the renovations and existing structure?

And lastly, the anticipated completion date. Verify this with your client, which they can find on the construction agreement. Remember, don't just use the expiration date we see so many extension and every time an extension is requested, the account goes on hold for underwriting review.

If the completion date was incorrect to begin with, it may cause your issuance process to drag on. We typically don't have issues with contractor experience on the commercial side of things,

But residential, especially remodeling, is another story. Ask them for construction resume, which is nothing more than writing down what they built or remodeled over the last 2 or 3 years.

And there you have it. Got a topic you're curious about? Send it my way and I'll keep this show on the air.

Here's to you in 2025. ‘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.