Builder’s Risk Insurance Presented by The Hanover Insurance Group Marine Advantage Unit March 30, 2010
Builders 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 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 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? • 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 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 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 Perils • We can offer Flood and Earthquake depending on the location • We have a limited appetite on coastal locations
Completed 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 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.
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