WARREN, N.J. - The Chubb Group of Insurance Companies has enhanced its builders' risk policies to respond to the evolving risks and rising costs of commercial and residential construction.
WARREN, N.J. - The Chubb Group of Insurance Companies has enhanced its builders' risk policies to respond to the evolving risks and rising costs of commercial and residential construction. The new policies, "Commercial Builders' Risk Insurance" and "Residential Builders' Risk Insurance," include more than 40 enhancements designed to help protect contractors from a variety of exposures. The policies permit up to 45 days of building occupancy before coverage automatically ends for the project. Loss or damage caused by or resulting from abrupt and accidental breakdown of mechanical or electrical system or apparatus is not excluded, and the residential policy can be extended to include model homes. The policies now provide automatic limits for several risks that previously had to be added through endorsements, including soft costs, lost rental income and effects of law.
"Building contractors are financially responsible for every project they undertake. With construction costs rising faster than the inflation rate, it's more important than ever for builders to have an insurance policy that helps to protect their livelihood," said Pat Stoik, vice president of Chubb & Son, and Global Commercial Inland Marine Manager for Chubb Commercial Insurance. "Any unforeseen delay or the theft of materials or equipment can have a serious impact on their bottom line."
For more information, visitwww.chubb.com/agents/chubb2017.html.