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August 7, 2014 By Julian

Builders Risk & Installation Floaters – The Basics

Insurance_ErasingRiskDuring the course of construction, Builders Risk policies cover buildings and other structures and personal property exposed to direct property loss. Damage can come from obvious perils such as fire wind, flood, etc. It can also come from faulty workmanship or design error.

Your Builders Risk policy should include all fixtures, materials, machinery, and equipment that constitute a permanent part of the structure. Make certain there is coverage for damage to foundations, including pilings, since this can be a significant loss exposure during construction. The policy should also cover equipment, machinery, materials, etc., that have not been installed but which are destined to become a permanent part of the structure. Builder’s Risk will also include coverage for damage to property of others for which the insured may be liable.

Builders risk coverage normally remains in effect until the entire construction process is completed, at which time the project owner’s permanent property policy should become effective.

Installation floaters, often written in conjunction with builders risk policies, are generally associated with plumbing, heating, cooling and electrical systems, but can insure any property being installed. Carpeting, tile, glass window frames, elevators and machinery are examples of property that can be covered.

 

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

 

Filed Under: Commercial, Specialty, Theme 131

August 7, 2014 By Julian

What Is Excluded Or Covered?

Misc_QuestionMarksExcluded Property

Property excluded under builders risk policies and installation floaters vary from one insurer to another.

The following properties may be excluded:

  • trees, shrubs, grass, plants, or land values;
  • plans, drawings, designs, blueprints, or specifications;
  • property in storage, unless it has been specifically assigned to the job site;
  • machinery, tools, equipment, and property of a similar nature not destined to become a permanently attached part of the building or structure; and
  • existing property to which alterations or additions are being made.

Covered Perils

The majority of builders risk and installation floater forms provide “all-risk” coverage meaning that unless specifically excluded the peril is covered. The following are typical exclusions found in builders risk policies:

  • error, omission, or deficiency in design, faulty workmanship, or faulty materials;
  • subsidence, settling, cracking, shrinking, bulging, or expansion of foundations, pavements, sidewalks, driveways, walls, patios, floors, roofs, or ceilings unless caused by specifically perils;
  • loss or damage caused by rain, snow, or sleet to property in the open that is not a permanent part of
  • the structure or installation (property in the custody of carriers for hire excepted).

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Commercial, Specialty, Theme 131

August 7, 2014 By Julian Aston

IN: Does Your Builders Risk/Installation Floater Cover You?

Dear Valued Customer,

In this issue of “—————–” we focus on Builders Risk & Installation Floaters.

Many coverage decisions need to be made when commercial buildings are under construction. That’s when Builders Risk and Installation Floaters need to be considered and implemented.

Read on for a primer on the basics of both Builders Risk and Installation Floaters. When is one – or both – of these coverages necessary, and why? We will also point out some of the coverage points and exclusions that preclude coverage for normally occurring losses, and much more.

We appreciate your continued business and look forward to serving you.

Kind regards,

Filed Under: Commercial, Specialty, Theme 131

June 24, 2014 By Julian

How Do I File A Business Insurance Claim?

Worker_SeriousPhoneCallWhen a fire, accident or theft occurs at your business:

  • Contact your insurance agent and company right away. Any burglaries or theft should also be reported to the police immediately.
  • Read your insurance policy so that you know what your responsibilities are to your insurance company after a loss.
  • After a disaster, take steps to protect your property from further damage by making temporary repairs. If immediate repairs to equipment are necessary, save the damaged parts in case the claims adjuster is interested in examining them.
  • Get at least two bids on the cost to repair or replace damaged property.

When filing a business interruption claim, be able to show the income the business was generating both before and after the loss. Keep detailed records of business activity and the extra expenses of keeping your business operating in a temporary location during the interruption period. If you are forced to close down, include expenses that continue during the time that the business is closed, such as advertising and the cost of utilities.

If you are unhappy with how your claim was handled:

  • Talk to your insurance agent or claims manager to explain your point of view.
  • Call the consumer affairs or complaint department of your insurance company and tell them your story and why you think you deserve a larger settlement.
  • Contact your state department of insurance about your problem.
  • If you’ve tried all other options, consult an attorney who specializes in insurance matters to see if he thinks you have a valid claim that is worth a lawsuit. Provide the lawyer with all relevant documents and a copy of your insurance policy. Tell your attorney about any settlements offered by your insurance company and the attorney will judge whether you have a legitimate case that might result in a much larger settlement if brought to trial. Attorneys work on an hourly basis or on a contingency basis in which case they receive a portion of whatever settlement you ultimately receive. Get your lawyer’s fee structure in writing before you pursue your case, and make sure you are kept current on the status of the case as it progresses. You must agree to any settlement reached between your attorney and the insurance company before it is made final.

Source: Insurance Information Institute, “How do I file a business insurance claim?” http://www.iii.org website. Accessed November 30, 2015. http://www.iii.org/article/how-do-i-file-a-business-insurance-claim

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Commercial, Theme 131, Theme 132, Theme 36

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