Builders Risk

[Francesnunez]

I have a prospect for a brand new house development valued at $53M My question is, does he has to get insurance for each house or one policy for the whole development?

 

[Theinsuranceguys]

Zurich, one policy for the whole development.

 

[Francesnunez]

Zurich, one policy for the whole development.

Thanks!, and how does the premium works because I'm confused. I thought it is based on the total project cost but then the prospect told me he got a quote for each house. So I don't get it.

 

[Arnage150]

Thanks!, and how does the premium works because I'm confused. I thought it is based on the total project cost but then the prospect told me he got a quote for each house. So I don't get it.

I would check and see if all houses are going up at once or if they are building them as people buy them? If the later it could drag on for years. Zurich is great but definitely shop it around. Zurich has a reporting form policy that sounds like it would be perfect. I know Allianz is good with them too.

 

[txagt39]

I just did a quote on a builder's risk with US Assure and it came back at $5200, the same specifications quoted with Liberty Mutual was almost half which sounds good but can there be that much different without sending up a red flag? Any experience, tips, ideas? Does Liberty Mutual studder when it comes to a claim perhaps? A little difference I can understand but not half.

 

[Arnage150]

I just did a quote on a builder's risk with US Assure and it came back at $5200, the same specifications quoted with Liberty Mutual was almost half which sounds good but can there be that much different without sending up a red flag? Any experience, tips, ideas? Does Liberty Mutual studder when it comes to a claim perhaps? A little difference I can understand but not half.

Builders risks are pretty basic policies. Not too many loopholes like GL.
Deds?
Does it include profit? If so what %?
Other structure coverages? Most BRs require you need to list each structure separately, INCLUDING pools. Ask me how I know that one. lol.

 

[insurance1822]

I got a prospect where the total build out was like $50,000,000 and I thought I hit the lottery. It only turned out to be like $3,000....with liberty..

 

[agentonline]

it depends on what state this is happening.

Zurich (US Assure) is good. Bankers is good. ISG. Perhaps a brokered blanket floater with a loss limit is a better fit.

Need more info.

 

[rockbo77om]

I got a prospect where the total build out was like $50,000,000 and I thought I hit the lottery. It only turned out to be like $3,000....with liberty..

Interesting. Probably a 4-5 year project with a couple of units going up at any given time?

 

[spierce]

I have a prospect for a brand new house development valued at $53M My question is, does he has to get insurance for each house or one policy for the whole development?

Please let us know if we can help you place this account. We do a lot of these through multiple carriers including Zurich & can also write the permanent insurance for the association, etc.
Email [email protected]