BUILDERS’ RISK COVERAGE
is specifically designed to pay for loss or damage to a building that is under construction from the causes of loss that apply. This basic coverage form is a completed value form. This means the estimated final value of a covered building determines the amount of insurance required to be carried. The premium charged is discounted to reflect that the values are gradually increasing over the life of the policy. The form may be modified to a reporting form basis where the amount of insurance is adjusted throughout the course of construction, based on the monthly reports of value submitted by the insured to the insurance company.