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Builders Risk FAQ

Are builder's Risk Policies fully earned?

25%, 50% or 100% MEP for in force policies, fully earned once the project is completed. Please check the form attached to the policy for confirmation.

All policies issued 12/1/2025 or later will be 100% Fully earned for all policy terms.

What are the payment options for Builders Risk policies?

For policies effective 12/1/2025, there will be no financing options as the policies are 100% fully earned.

Can I cancel my Builder's Risk policy?

Builder's Risk Policies can only be cancelled for certain reasons. Once the project is completed, the policy coverage automatically ends and cancellation with a return premium is not possible. Reasons for a cancellation to be accepted:

The sale/purchase of property never went through (the insured did not close on the property). These will be flat cancelled with all monies being refunded.
Construction has not started at the time of the cancellation request. These will be flat cancelled with all monies being refunded.
Safety concern/serious issues have led to an inability to proceed with project. Please note these will be 100% fully earned, so no refund will be available.
100% fully earned policies can be cancelled after the effective date, however, there will be no refund provided.

What are the available policy terms for Builder's Risk Policies?

We offer 6-, 9- and 12-month policies. We have the ability to "extend" policies for a period of 3 or 6 months. UW approval is required and a new policy would have to be written if approved. We do not want to insure the same project for more than 18 months in total.

Why was my builder's risk policy not renewed?

Unlike many other insurance policies, Builder's Risk Policies do not renew automatically, as they cover a project for a finite period of time. We do offer the ability to "extend" the coverage of a specific project for 3 or 6 months. These are written as new policies. Please see information related to Builder's Risk Extensions to learn about the process.

What information is required by the Underwriter for an extension?

UW approval is required, and a new policy would have to be written if approved. The Underwriter would need to know the following to determine if eligible for continued coverage:

How long of an extension are you requesting?
Can you provide an estimate on the % of work that has been completed?
Any changes in General Contractor?
Details on what caused the delay in completion.
Provide the new estimated completion date.
Are there any other updates to the original project details?

What does Property at job site entail

Property that is intended to be permanently in or on the building or structure consisting of the following:

(a) Building materials and supplies;
(b) Fixtures and machinery; and
(c) Equipment used to service the building;
(d) Foundations of a building or structure;
(e) Temporary structures built or assembled, including false-work, cribbing, scaffolding and construction forms; and
(f) Paved surfaces, paving materials and supplies, fences and outdoor fixtures.

Coverage for Covered Property described in Paragraph A.1.a. is extended while such property is:

(1) At a "temporary storage location" if the property has been designated to become a permanent part of a covered building or structure at the job site, or
(2) In transit except while ocean marine coverage applies.

Do you cover Gutted structures

We can consider the property at the job site.

Do you cover foundation work?

We can look at new foundations being added for horizontal addition, but existing foundations, repair and replacement fall outside of our appetite.

What does the “General Liability-excluding construction ops” cover?

It covers the premises of the property but excludes any loss arising out of construction operations.

Can you cover ongoing projects

It depends on how far along they are, the scope of the work, if there's been prior coverage attached, any changes in General Contractor, and how long the project has been going on.

Existing structure coverage, can you offer RCV

At this time, we're only offering existing structure coverage on an ACV basis. Property at job site and new construction are considered on an RCV basis.

What do we do if there are multiple buildings for one project needing to be covered?

If the buildings are small ancillary structures like a garage or shed, they can be included with the main structure (but would be subject to the $5M TIV cap per building limit). If the buildings have different addresses, then we should put each one on its policy.