Builders risk - remodeling
The remodeling builders risk program provides coverage for basic-to-complex residential and commercial renovation projects, with option to include the existing structure. Policy options include a six, nine or twelve month term and allow for occupancy when the owner is acting as the contractor.
Appetite:
- Commercial and residential structures during the course of new construction or remodeling
Ineligible risks:
- Mobile homes
- Registered historical structures
- Structures built over water
Geography:
- Nationwide
Submission requirements:
- Provide addresses of project locations
- Provide total completed value of projects
Other requirements:
- Builders are required to have at least two years of general contracting experience.
Coverages offered:
- Inland marine coverage
- Coverage available on a single structure, reporting form or blanket (deposit premium) basis
Coverage limits:
- Projects up to $75 million are eligible, subject to underwriting approval
Admitted or non-admitted paper:
- Admitted
Additional program highlights:
- Coverage for remodelers (including major structural renovation), purchasers under contract, model homes, model home contents, tools and equipment, trade-ins, and unsold dwellings is available.
- Rating and underwriting guidelines apply
- Business income coverage, waiver of coinsurance and other coverages are available for commercial structures
- Residential and small commercial single structure policies are written on an annual basis and may be renewed for up to an additional two years
- A separate policy will allow two years of additional coverage for unsold dwellings
- Large commercial policies may be written with customized policy terms.
- $1,000 deductible is standard on all policies
- A minimum premium ($375 in most states) applies on one-shot policies
- Rating and underwriting guidelines apply.
