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Builder’s Risk Insurance
Presented by The Hanover Insurance GroupMarine Advantage Unit
March 30, 2010
Builders RiskBuilders Risk
• Who needs coverage for new construction?– Owners– General Contractors– Sub Contractors
• Who needs to be named on the policy?– Owners– General Contractors– Sub Contractors
Types of ProjectsTypes of Projects
• New construction• Additions• Renovations -
including the Existing Structure
• Renovations - excluding the Existing Structure– This is an Installation
Floater, which we can also quote
Hanover’s AppetiteHanover’s Appetite
• $100 million available capacity for superior construction
• Most types of Construction can be considered– Frame, Joisted Masonry, Non-Combustible, Masonry
Non-Combustible, Fire Resistive
• We have a proprietary Homebuilders Form– Supplemental coverage and coverage extensions
tailored to the needs of residential contractors• Model Homes and Contents coverage is available• Coverage is available on a reporting basis
• Renovations can be considered
Information needed to quote?
Information needed to quote?
• ACORD Builders Risk application completed– Hard and Soft costs– Location– Job term– General Contractor
• Renovation Supplement (if applicable)• COPE
– Construction• Number of floors, square footage, etc.
– Occupancy (Intended)– Public and private protection– Exposures
Basic CoveragesBasic Coverages
• Hard Costs– Structure and materials
• Soft Costs (Optional)– Design fees, advertising, Realty taxes, Interest,
Rental income, Business Income, Professional Fees
• Equipment Breakdown (Optional)• Transit and Off-Site Storage
– Coverage for materials that will be a permanent part of the completed structure
– Limits built into the form can be increased
Other InformationOther Information
• Length of job and policy term– We write coverage for the entire term of the job– Rate remains the same from start to finish. Pro-rata
cancellation is offered, subject to any minimum premium
– Extensions will be considered, usually at the original rate
• Waiver of Subrogation– Included in form, applies if subrogation is waived in
writing on the contract prior to a loss
Catastrophe PerilsCatastrophe Perils
• We can offer Flood and Earthquake depending on the location
• We have a limited appetite on coastal locations
Completed Value RatingCompleted Value Rating
• Our rates contemplate that there is no exposure on Day 1 and 100% exposure on the last day of the job – 55% credit already built into the rates
• If the policy limit is changed, the premium is calculated back to the original effective date
Special NotesSpecial Notes
• Turn-around Time– We will have a quote back to you by your target date
• Online Builder’s Risk (Not available everywhere)– For new residential and mixed-residential construction– Referrals are approved/denied within 24 hours– Quote, issue, and print the policy in your office– 20% commission– Payment plans available on Direct Bill– Accessed through The Agency Place
• Green Building Coverage Available – For LEED-certified buildings
Questions?
Other Coverage options that Hanover Inland Marine can offer for your Contractors:
•Installation Floater
•Contractors Equipment
•Equipment Dealers
•Property
Contact your Inland Marine underwriter with any questions.