Builder’s Risk insurance is designed to keep a project moving forward after a covered cause of loss. Without this coverage, construction delays can lead to financial strain, contractual disputes, and losses for all parties. By securing Builder’s Risk insurance, stakeholders mitigate risks and safeguard the successful outcome of the construction project. But, who should secure the coverage for the project?

Coverage to Keep Moving

Engage early with your team to decide who’s procuring your coverage to ensure your terms and conditions benefit all parties and meet the needs of the project. If multiple parties are trying to procure coverage on the same project, it can cast a negative view on the project and impact your results and relationships.

At the end of the day, it doesn’t necessarily matter who secures the insurance coverage as long as everyone involved agrees on the process and focuses on the success of the project.

Strength Your Submission

We’re all busy, but developing a best-in-class submission requires a deep understanding of the project and attention to detail. Underwriters are more likely to review your submission if you’ve taken the time to provide key information. A well-prepared submission should include:

• A comprehensive project description
• Budget breakdown
• Geotech Report
• Construction Schedule (Gantt Chart)
• Catastrophe modeling
• Expected terms and conditions

Not all underwriters have an appetite for every type of risk. If your broker continues to send opportunities to an underwriter who doesn’t have capacity for your industry or isn’t interested in your risk in the current market, future opportunities won’t be prioritized. Make sure your team and broker understand what you need to find an underwriter whose vision aligns with your project.

Your Network Makes a Difference

Think about who you lean on in tough situations in your personal life. Like the relationships you have with family and friends, relationships in the underwriting community can help you overcome challenging extensions or project obstacles. Build a network of reliable and trustworthy wholesalers and underwriters who will be there for you when times get tough. Builder’s Risk underwriters may write billions in premiums each year, but it’s a small network compared to other insurance specializations. Nurturing your relationships with professionals who resonate with your work and values can take your projects from good to great.

Specialized Support

Not all brokers have experience and expertise in the world of Builder’s Risk insurance. Holmes Murphy is proud to offer the support and insights you need to ensure your Builder’s Risk policy protects your project so you can focus on what matters most. If you’re ready to learn more, contact us today and let’s get started!