Annual Meetings-Builders Risk: Common Misunderstandings -- Soft Costs/ Delay in Startup/ LEG 2&3

Builders Risk: Common Misunderstandings -- Soft Costs/ Delay in Startup/ LEG 2&3

Pdf Summary

The document discusses common misunderstandings related to Builder’s Risk insurance, particularly focusing on defects and delays in construction projects. It was presented at the IMUA 89th Annual Meeting in May 2019 by experts from Chubb, vrs VeriClaim Inc., and JLT Specialty USA. The presentation covered the introduction to Builder’s Risk, defect definitions (LEG 1, 2, 3), extended maintenance coverage, and loss scenarios. It also delved into Delay In Start-Up (DSU) coverage, comparing it with soft costs and exploring loss scenarios for better understanding. The discussion examined the complexities of indemnification for defects, the costs of making good, and the nuances of DSU coverage versus Property Business Interruption. Additionally, the document includes key concepts, definitions, and loss scenarios providing insights on reimbursements and coverage extensions under various scenarios. The session aimed to clarify misconceptions surrounding Builder’s Risk policies, emphasizing the importance of understanding the coverage extensions, exclusions, and nuances to make informed decisions. It provided a comprehensive overview of the intricacies involved in Builder’s Risk insurance to help industry professionals navigate potential pitfalls and gaps in coverage effectively.

Asset Caption

Presented by: Vincent Zegers, JLT; Mark Gadiar, Chubb; and Anthony Scariano, Vericlaim
Moderated by Bruce Jervis, Chubb

Keywords

Builder's Risk insurance

construction projects

defects

delays

IMUA 89th Annual Meeting

Chubb

vrs VeriClaim Inc.

JLT Specialty USA

Delay In Start-Up (DSU) coverage

indemnification