All Together Now: The advantages of the Master Builder's Risk Reporting Policy
What’s in your Builder’s Risk policy?
If anything sums up the old adage about something being “greater than the sum of its parts,” it would be a construction project. Before we discuss the advantages of a reporting policy, however, it’s important to understand what a builder’s risk policy insures.
During the course of construction (where the value of the project increases day after day), a builder’s risk policy covers damage to buildings, structures and other property that is a permanent part of same. The extent of coverage, however, can vary depending on the carrier. AXA XL’s Inland Marine team offers a builder’s risk policy that can insure:
- Private and public works
- Commercial, industrial and residential occupancies
- New construction
- Renovation, alteration or addition to existing buildings
Additionally, equipment breakdown, flood, earthquake and volcanic eruption are available when required. Finally, soft cost coverage can be crafted to address additional expenses such as:
- Interest on money borrowed to finance the project
- Realty taxes and ground rent
- Additional advertising and promotional expenses necessarily incurred
- Cost of additional commissions incurred upon renegotiating leases
- Fees for additional architects, engineers and consultants
- Continuing project administration expense
- Continuing legal and accounting fees