Project value
Hard costs, soft costs and existing structure values should be clearly identified.
Builders Risk for Property Owners
Ground-up construction and major renovations often require a different property solution than the owner’s normal building policy.
What to Review
The details that can change the insurance program.
Commercial real estate insurance is highly dependent on the building, occupancy, leases, valuation, protection and income exposure. A useful review goes beyond simply quoting the same limits.
Renovation exposure
Work involving structural changes, roofs, utilities or occupied buildings can increase complexity.
Who buys the policy
Owner-purchased and contractor-purchased builders risk each have contractual implications.
Delay exposure
A covered loss can delay rent commencement, financing milestones or project completion.
Key Exposures
Questions worth answering before renewal.
Existing structureRenovations may require coverage for the building already in place.
Water damageOpen roofs, temporary piping and active construction create significant water exposure.
TestingMechanical, electrical and equipment testing may require specific policy treatment.
Transition to permanent coverageThe handoff from builders risk to the permanent property policy should be planned.
Have a renewal coming up?
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