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Based on the language of the builder's risk insurance policy, the structure fits the definition of "existing inventory" and was therefore not covered under the terms of the policy.
The court of appeals' decision delineates a bright line rule by finding the insured construction site to be covered by builder's risk insurance until the project is completed and approved for occupancy, at which time the Standard Fire Policy would apply.
Defoe claims that by cashing the two checks, Liberty led him to believe that it had procured builder's risk insurance.
Such departures from the norm are just beginning to surface and, in most known cases, the standard permission to waive rights of recovery has ultimately been negotiated back into the builder's risk insurance contracts.
Schedule A insurance requirements invariably include, at a minimum, 100% performance and payment (surety) bonds, workers compensation coverage, commercial general liability insurance automobile liability insurance and builder's risk insurance.
In the case of builder's risk insurance, since many wrap-ups do not provide the protection necessary to satisfactorily finance the contractor's contractual risk, it will often secure separate project-specific difference in conditions (DIC) coverage.
In that case, the insured sought sue-and-labor expenses under a marine builder's risk insurance policy for the cost of protecting a multimillion-dollar yacht under construction against anticipated vandalism and freezing damage after the Wisconsin ship-building company closed its doors and abandoned the boat yard.
NEW YORK -- According to experts at Mercator Risk Services, an independent insurance wholesaler, 2007 will continue to be a difficult year for developers and builders to secure builder's risk insurance for their projects.