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- Builders Risk Insurance
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Overview
You’ve come to the right place to learn about course of construction coverage. The basic concept is relatively simple to grasp, even for those who don’t practice this line of business every day. With more than 45 years of experience as the exclusive administrator for the Zurich builders risk program, we’ll teach you how to confidently sell and service policies for new construction, remodeling and installation projects.
Frequently Asked Questions
Builders risk insurance (also called course of construction insurance) protects a person's or organization's insurable interest in materials, fixtures and/or equipment to be installed during the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.
Builders risk insurance can cover a variety of projects, offering standard coverages and additional endorsem*nts to tailor policies for any residential or commercial course of construction project.
Depending on the coverage selected at the time of policy issuance, the Builders Risk Plan insured by Zurich can protect policyholders' financial wellbeing should loss occur from exposures such as theft, fire, materials in transit, back-up of sewers, flood, earthquake and much more.
Individuals or entities, including contractors, business owners, homeowners, or financial institutions are often your primary builders risk clients. Depending on the terms of the construction contract, the contractor or project owner will be required to purchase builders risk coverage.
The Builders Risk Plan insured by Zurich allows for the policy to be purchased in the name of the owner or builder. Contractors and other parties of interest may also be protected under an additional named insured clause.
The cost of a builders risk insurance policy is generally dependent upon the cost of the project plus the following factors: property type, location, construction type, optional coverage selected, and additional fees and taxes.
A policy from the Builders Risk Plan insured by Zurich starts at $375 in most states. You can get a builders risk insurance quote when you apply online today.
Demand for a builders risk policy is often time sensitive. Most purchases occur prior to or on the date of construction when the contract is finalized, which means you’ll need to act promptly when your client requests coverage.
In cases where your client begins construction without securing a builders risk policy, you will need to provide the percentage of construction completed during the application process, in addition to the total completed value. Projects greater than 30% complete are eligible through our program but subject to additional underwriting review.
Policy Coverage
The US Assure® Builders Risk Plan insured by Zurich is the nation’s leading inland marine policy for owners and contractors.
With comprehensive insurance coverage and flexible policy options, the Zurich builders risk policy is designed to meet the needs of residential and commercial customers for almost any project type valued up to $75 million.
New Construction Insurance
Covers course of construction projects from production to custom building.
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Remodeling Insurance
Covers commercial and home renovation projects, with the option to include the existing structure.
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Installation Insurance
Covers property of the insured and property of others being installed or awaiting installation.
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Highlights
Partnering with industry experts that also offer financial stability, reliability and a favorable claims payment history is the best place to start when researching builders risk markets.
US Assure® and Zurich practice sound and consistent underwriting, have industry expertise, and remain steady with respect to appetite and pricing, making us proven and stable partners.
Appetite Guide for the Builders Risk Plan Insured by Zurich
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- Rate, quote, issue and manage policies from any device or browser
- Capacity for projects valued up to $75 million, including wind and flood
- Insured by Zurich, an “A” rated carrier
- Many coverages automatically included with option to increase limits
- “One shot” or single structure policy, reporting form and deposit premium options
- Policy can be written in the name of the contractor or the owner
- Direct access to dedicated team of more than 50 underwriters
- Direct billing with premium payment options
- Fast, easy access with no minimum commitment
Availability
Nationwide on an admitted basis
Related Topics and Resources
View more
Article • 2 min read
Who Buys Builders Risk Insurance
Find out what personal and commercial lines clients qualify for course of construction coverage.
Tip Sheet • 2 min read
Builders Risk Eligibility Cheat Sheet
Explore the range of accounts that can be secured by personal and commercial lines agents.
Checklist • 2 min read
Builders Risk Coverage Comparison Checklist
Examine how competitors stack up to Zurich’s course of construction policy and its benefits.
Guide • 2 min read
Builders Risk Coverage Summary by Policy Type
Get a complete list of optional coverages available for various policy types and values.
View more
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