Introduction to Commercial Inland Marine-Introduction to Commercial Inland Marine: Builders Risk

Video Transcription

Video Summary

In this third session of the Inland Marine Underwriters Association's virtual class on Inland Marine Builders' Risk Insurance, instructor Cody Williams introduced the concept, detailing its complexities and relevance in today’s construction-heavy environment. The session began with a reminder about the importance of avoiding discussions on rates and conditions, adhering to IMUA’s policy statement.<br /><br />Key topics covered included the start and end of a builder's risk policy, coverage types, and the importance of understanding construction terms. Williams explained how builder's risk insurance is vital due to the significant construction activities worldwide, often involving large-scale infrastructure projects affected by the 2021 Infrastructure Investment and Jobs Act.<br /><br />The session also delved into construction types, potential risks, submission requirements, underwriting specifics, and how different policies address certain perils like earthquake and flood. The instructor emphasized the importance of having precise documentation like a geotechnical report and construction budgets.<br /><br />A large part of the presentation focused on common coverage exclusions and extensions, such as property in transit and temporary storage, and endorsements for risks like equipment breakdown and natural catastrophes. Williams highlighted the dynamic nature of the insurance market with evolving risks and the importance of a detailed understanding of all involved parties, including general contractors and engineers, in minimizing these risks.<br /><br />Interactive elements included polls to engage attendees and reinforce learning, with Cody closing the session by providing insights on current market conditions, capacity growth, and challenges, thus giving attendees a comprehensive view of the builder's risk insurance landscape.

Asset Caption

Date of Publication: December 9, 2024
Duration: 2 hours 24 minutes

Instructed by Kodi Williams, Assistant Vice President, Engineered Risk, Sompo International, North America

Meta Tag

Module Introduction to Commercial Inland Marine

Keywords

Builder's Risk Insurance

Construction projects

Policy terms

Safety net

Unexpected losses

Contractors

Owners

Developers

Underwriting

Construction type

Materials

Risk factors

Coverage limits

Soft costs

Loss of rents

Inland Marine Builders' Risk Insurance

Cody Williams

construction environment

IMUA policy

coverage types

construction terms

Infrastructure Investment and Jobs Act

construction risks

underwriting specifics

geotechnical report

coverage exclusions

equipment breakdown

natural catastrophes

insurance market dynamics