Tag Archives: builder’s risk

Do you have Insurance for Construction Equipment Damaged at a Project Site?

Are you a contractor that utilizes large equipment such as a crane for purposes of your construction operations?  If so, is the equipment owned or leased from an equipment supplier?  Assuming you utilize such equipment, have you considered appropriate insurance … Continue reading

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Builder’s Risk Policies and the Contractor’s Tools Exclusion

Tower cranes are commonly utilized in the construction of any tall, vertical building. What happens if there is damage to the tower crane as the result of a storm during construction? In a recent case, a contractor was constructing a … Continue reading

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Builder’s Risk Insurance is a First-Party Policy

Builder’s risk insurance is NOT a liability insurance policy. It is NOT designed to indemnify the insured for losses claimed by third parties. Rather, builder’s risk insurance is a first-party policy—a type of property insurance policy—designed to cover an insured for losses … Continue reading

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Does Your Builder’s Risk Policy Provide You the Coverage You Need?

Does your builder’s risk property insurance policy provide you the coverage that you need?  For example, are you renovating an existing structure? If so, take note that many builder’s risk policies have an exclusion relating to existing structures. In other … Continue reading

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Builder’s Risk Soft Cost Endorsement

Soft costs can be covered in a builder’s risk policy through a soft cost endorsement. Soft costs are those costs incurred as the result of a delay to the completion of the project. Assuming you pay the additional premium associated … Continue reading

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“Loss Runs,” “Primary and Noncontributory,” Waiver of Subrogation:” What does all of this Mean?

What is a “loss runs” report? What does “primary and noncontributory” mean when referring to your insurance policy?   How does “waiver of subrogation” or “waiver of transfer of rights or recovery against others to us” work? These may be questions that … Continue reading

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Builder’s Risk Insurance (for During Construction) and Waiver of Subrogation

Builder’s risk insurance is a type of property insurance that should be obtained for construction projects. Oftentimes, it is insurance the owner procures as it operates to protect the owner’s property (as well as other identifiable insurable interests such as the … Continue reading

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Is there Coverage Under My Property Insurance Policy if a Covered Risk and Excluded Risk Contribute to My Loss / Damage?

Builders risk insurance or homeowner’s insurance is a form of property insurance. Oftentimes, the policy is an all risk policy; this is a slight misnomer since the policy covers all risks except those that are specifically excluded (and there are numerous … Continue reading

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Subrogation and Waiver of Subrogation

Subrogation occurs when an insurer pays insurance proceeds and then steps in the shoes of its insured and sues third parties responsible for the loss. The insurer pursues a subrogation claim in order to recoup the proceeds it paid to … Continue reading

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Property Insurance & Ensuing Loss Exception

If you own real estate (or have owned real estate), then you know about property insurance.  If you developed real estate, then you know about the form of property insurance called builder’s risk insurance. Property insurance polices (like all types of … Continue reading

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