Annual Meetings-Builders Risk Delay Claims

Pdf Summary

The document discusses Builders Risk Delay Claims, focusing on a project in NYC involving Cowboy Construction. It includes details of the project, soft cost breakdown, construction schedule, and quotes provided. The policy covers delay-related costs due to physical damage, with a case study of elevator equipment damage leading to a delay claim. Benefits and challenges of delay coverages, typical soft costs claimed, and policy language regarding delays are explained. The process of calculating delays, role of schedule analysts, and required information for delay analysis are detailed. The document emphasizes the importance of thorough project documentation, schedule analysis post-loss, and lessons learned for future risk assessment. The case study concludes with an agreed property damage payment and calculations for the delay claim settlement. Key takeaways include evaluating deductibles, tracking soft costs accurately, reviewing project schedules comprehensively, and considering different pricing and coverage options for potential risks. Overall, the document provides insights into the complexities of handling delay claims in construction projects and highlights the importance of proactive risk management strategies.

Asset Caption

Presented by Michael Reich, Berkshire Hathaway Specialty; Andrew Norris, Chubb; and Luke Longcroft, J.S. Held

Keywords

Builders Risk Delay Claims

Cowboy Construction NYC project

Soft cost breakdown

Construction schedule quotes

Delay-related costs

Elevator equipment damage case study

Delay coverages benefits challenges

Soft costs claimed

Policy language delays

Schedule analysts role