Insures the finished value, not today’s
Cover is written to the completed project cost, because that is the value at risk by the time the job wraps.
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Ground-up new construction and the renovation of an existing structure, insured for the value of the finished project rather than what stands today.
Cennairus is a licensed wholesale insurance broker: retail agents send us the accounts their own markets cannot place, stay the agent of record, and we take each account to the markets on our panel of 145 carriers that write it. Builders risk, also called course-of-construction coverage, insures a structure while it is built or substantially renovated, and it runs for the length of the project rather than a year, extended at extra cost if the schedule slips. It is not the contractor’s liability policy. Cennairus places it for contractors, developers and owners: send a few fields.
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Photo: Mike van Schoonderwalt / Pexels
Cover is written to the completed project cost, because that is the value at risk by the time the job wraps.
Builders risk runs for the length of the job, not a calendar year, and is typically extended if the schedule slips.
What’s at risk changes week to week — a bare lot is not worth what the framed structure is.
Lenders are named as loss payee and typically require a specific certificate on file before the first draw.
Course-of-construction is a deadline product.
Hard costs, soft costs and the completed value pulled from the documents rather than re-keyed.
Both the new build and the far harder existing-structure renovation risk.
Who buys it: general contractors on ground-up commercial and residential projects; developers and owners acting as their own general contractor; contractors performing a substantial renovation or gut remodel; habitational developers building multi-family and condo projects; anyone financing construction through a bank or private loan; owners bridging the gap between one contractor and the next.
Framing today, drywall next month, a finished building by the certificate of occupancy — the value at risk changes every week the job runs.
For the length of the project rather than a full year — typically extended, at an additional cost, if the schedule runs past the original completion date.
No.
It ends at completion or occupancy, whichever the policy defines, and the building moves onto a standard property or Business Owner’s Policy form.
The completed value of the project, the construction type and scope of work, the start and expected completion dates, and who the lender or loss payee is, if any.
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