About This Product
Builders risk insurance is the backbone of every construction project's insurance program because it provides a means for critical funding to quickly repair damages following a loss and get the project back on track. With so much at stake, those who develop, underwrite, sell, and purchase such policies need authoritative resources to guide them in structuring builders risk policies and coverages that adequately respond to stakeholders' needs.
The Builders Risk Book delivers with an understanding of the laws governing builders risk insurance, knowledge of the risk exposures and contract requirements that must be satisfied, and specific advice for structuring the best coverage terms. It also provides key insight and practical guidance into a number of cutting-edge areas, such as delay coverage and green construction, that are barely touched by most other publications.
This resource address changes in construction contract provisions and builders risk policy provisions and provides the latest builders risk court cases.
The Builders Risk Book also includes the following.
- Updated summaries of relevant state statutes
- A new builders risk coverage checklist that includes soft construction costs
- Revisions reflecting changes in builders risk policy forms and underwriting practices
- Commentary, sample policy language, and court cases related to discussion of topics such as other insurance provisions and anti-waiver provisions
The content has also been expanded to include new topics, including the following.
- Application of valued policy laws to builders risk insurance
- Anti-concurrent causation (ACC) language in builders risk policies
- Alternative dispute resolution (ADR) provisions in builders risk policies
- History of the concept of insurable interest
- Requirement of direct physical damage in builders risk policies
- Builders risk policy protective safeguards conditions
- Liquidated damages coverage
- Inherent defect coverage
- Tax credits as a possible soft costs coverage item
- The need to address additional insureds for delay in completion/soft costs coverage
Helpful all the way from groundbreaking through final closeout of the project and beyond, The Builders Risk Book also offers a myriad of suggestions for avoiding the pitfalls experienced by others, based on the authors' analyses of well over 100 cases (cited in the book) and their own personal experience.
The Builders Risk Book covers these topics.
- Application of Valued Policy Laws to Builders Risk Insurance
- ACC Language in Builders Risk Policies
- ADR Provisions
- History of the Concept of Insurable Interest
- Requirement of Direct Physical Damage in Builders Risk Policies
- Builders Risk Policy Protective Safeguards Conditions
- Liquidated Damages Coverage
- Inherent Defect Coverage
- Tax Credits as Possible Soft Costs Coverage Item
- Addressing Additional Insureds for Delay in Completion/Soft Costs Coverage
- Introduction to Builders Risk Insurance
- History of Builders Risk Insurance
- State Regulations: Property versus Inland Marine Insurance
- Contractual Requirements
- Builders Risk Policy versus Other Property Insurance
- Who Is Covered: Naming the Parties Appropriately
- Covered Property, Covered Locations, and Coverage Period
- Extensions and Optional Property Coverages
- Covered and Excluded Causes of Loss
- Other Exclusions
- Subrogation Problems in Construction
- Renovation Work
- Installation Floaters and Rigging Coverage
- Other Builders-Risk-Related Coverages
- Delay in Project Completion
- Green Building and the Role of Builders Risk Insurance
- Comparison of Builders Risk Insurance Requirements
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