Builder's risk from 华体会
Hanover builder's risk is designed to be completely customizable to meet a wide range of customer needs and budgets to enable your agency to be more customer-focused and differentiated, whether residential, commercial, new, remodel or rehab. Our comprehensive solutions are backed by experienced construction underwriters, expert loss control services and a superior claims team.
华体会's builder's risk target appetite includes:
- Residential buildings
- Commercial buildings (single projects or reporting policies) such as:
- Industrial structures
- Municipal buildings
- Offices
- Sewer treatment and water distribution plants
- High-rise offices
- Warehouses
- Institutional property (schools, colleges, etc.)
- Roads and bridges
Our builder's risk policy lets you easily add extended coverage to expertly tailor your client's policy to meet their needs, including sub-limits, without burying you in forms and paperwork. Most have already been combined into a single form.
Beyond the core policy, we鈥檝e included expanded coverage aimed at offering your clients the right protection.
Coverage highlights include:
- Insufficiency of limit clause 鈥� provides up to 10% of the limit of insurance (up to $1M) following a total loss to covered property
- Replacement cost with no co-insurance
- Broad named insured 鈥� includes the interest of all contractors, sub-contractors and owners
- Delay in completion coverage offerings 鈥� including soft costs, business income, loss of rents and extra expense
- Equipment breakdown
- Flood, earthquake and earth movement coverage offerings available
- Sewer and drain backup
- Contract penalty
- Expediting expenses
- Ordinance or law coverage offerings
- Business personal property while located at the jobsite
- Construction trailers and contents while located at the jobsite
- Valuable papers and records (such as blueprints) while located at the jobsite
- Pollution cleanup and removal
- Debris removal
- Police and fire department service charges
- Emergency removal to protect property
- Fire suppression recharging expense
Soft costs calculator
华体会鈥檚 proprietary builder's risk coverage form offers unique, superior protection, along with a flexible form that helps make writing this complex coverage easy鈥攚hether for a single shot, blanket policy, new construction or other risks. Our soft costs calculator helps guide your coverage conversations with prospects and customers.
At 华体会, we know the value of comprehensive protection. Our Hanover Builder鈥檚 Risk Advantage solution protects against the unique risks faced by your clients. Unlock the Hanover advantage.
More options for more businesses
We are a top 10 Marine writer with a builder鈥檚 risk target appetite that includes a wide range of residential and commercial buildings. Additionally, we have the ability to develop programs for all types of homogeneous groups with similar coverage needs, from start-ups and established programs to small, mid-size and large programs and accounts.
Competitive products
Our specialized core policy includes critical coverages in one form, including insufficiently of limit clause and delay in completion coverages.
Online quote and issuance
To complement our marine underwriter鈥檚 personal services, our TAP Sales quote-and issue-platform makes it easy to rate and issue builder's risk policies in real time and in one easy transaction.
Significant experience
We have marine specialists and portfolio underwriters in local markets, all supported by regional experts. Plus, our in-house risk management consultants are located in every region and are well-versed in local, state and federal regulatory guidelines and laws to ensure compliance.
Dedicated claims professionals
Our experienced marine claims staff has a proven record of successful claims handling, including 24-hour claims response and quick turnaround on payments.
Speed and convenience
Quote, bind and issue policies for eligible risks in minutes in TAP sales, with appetite and eligibility information appearing alongside traditional commercial lines products
华体会's builder's risk target appetite includes:
- Residential buildings
- Commercial buildings (single projects or reporting policies) such as:
- Industrial structures
- Municipal buildings
- Offices
- Sewer treatment and water distribution plants
- High-rise offices
- Warehouses
- Institutional property (schools, colleges, etc.)
- Roads and bridges
Quote and issue online
The policy form available on TAP Sales automatically extends broad named insured to include the interest of all contractors, sub-contractors and owners, and provides 10% of the limit of insurance for insufficiency of limits. Plus, we provide multiple billing options to fit your client鈥檚 needs.
Builder's risk policies that you quote and write on TAP Sales are all backed by our expert underwriters, ready to help with any risks that are complex or outside of the eligibility guidelines below.
- Pre-qualifying questions
- Has the contractor been in business for less than three years?
- Has the applicant declared bankruptcy in the last five years?
- During the past three years, have there been more than two builder鈥檚 risk losses or any one loss over $10,000?
- Has construction begun?
If the answer to any of these questions is yes, the risk is ineligible for online entry. Please contact your underwriter.
- Eligibility guidelines
Eligible risks
- New construction, lateral additions and nonstructural renovation, excluding coverage for existing structures or vertical additions
- Commercial and residential projects policy terms from 12 to 24 months
- Coverage provided for multiple buildings at the same jobsite, provided they are the same construction type
- Jobsite addresses within the U.S., excluding projects located in AK, FL, HI and KY
Ineligible risks
Please contact your underwriter directly for the following types of projects:
- Air supported structures
- Bridges, dams, piers, wharves
- Cannabis
- Cell towers or broadcast towers
- Modular buildings and construction projects
- Projects involving laboratories or clean rooms
- Bitcoin mining stations and operations
- Utility projects (excluding backup generators and wastewater treatment facilities) - solar, gas, landfill methane capture, steam electric, hydroelectric, electrical transmission and distribution systems, including overhead and underground utility lines, electrical substations, power plants and power-generating equipment and related property
- Wind turbines
- Available limits
- Flood and earthquake coverage available up to $5,000,000 maximum limits. Job sites located in the states of California, Oregon and Washington have a maximum earth movement coverage limit of $1,000,000.
- Maximum limits (includes soft costs and rents subject to a maximum of 25% of construction cost):
- $2,500,000 frame
- $2,500,000 joisted masonry
- $5,000,000 non-combustible
- $10,000,000 masonry non-combustible
- $10,000,000 modified fire resistive or fire resistive
- Subject to a $500 minimum premium
- Premium is prorated and is fully earned for policies with terms of one year or less. For policies with terms of 12鈥�24 months, premium is prorated, and annual premium is fully earned.
- Program features
- Quickly quote, issue and print the policy online
- 20% commission
- Multiple billing options available
- Broad named insured includes the interest of all contractors, sub-contractors and owners
- Equipment breakdown included
- Permission to occupy included
- Replacement cost with no co-insurance
- Insufficiency of limit clause 鈥� provides up to 10% of the limit of insurance (up to $1,000,000) following a total loss to covered property
Product resources
Total Hanover solution
Provide clients an account-focused solution by pairing builder's risk coverage with our specialized industry offerings:
Resources for you
Resources for soft costs coverage
5 questions to help you assess inland marine risk
E-delivery for commercial lines
Quote, bind and issue online
We offer flexible training options to help you better understand TAP Sales and all of our online systems and capabilities.
Resources for your customers
Hanover Risk Solutions has assembled a range of resources, partner offerings, and education and training to help clients鈥� address their marine risks.
Solutions for commercial construction projects
See all of our Risk Solutions resources for marine
Customer tools
Dedicated marine claims professionals
Our claims professionals are solely dedicated to marine claims, including our field adjusters, appraises, administrative, personal and special investigators. As a result of their expertise, we can address your clients claims quickly and accurately with 24/7 claims reporting.
Let's start a conversation today
Contact a member of our team to learn more about our coverage and services.