While Constructing a Builder’s Risk Policy, Consider Soft Costs & Hard Costs

Posted by Heidi Much on Feb 24, 2020 3:28:23 PM

Every significant construction project needs a Builders Risk policy.

Sounds simple enough, but the process of procuring the correct Builders Risk policy starts with an understanding of the project costs, construction timeline, and imagining potential claim scenarios. When an insured purchases an insurance policy, there is an expectation if a loss occurs; the insurance company will make the insured whole again.  This only happens when a Builders Risk policy is designed correctly.  The key to policy design is understanding and identifying the values at risk and how those values align with the actual insurance policy definitions.

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Topics: Construction, Construction Premiums, Construction Project Risk, Real Estate, Real Estate & Development Risk Management, Risk Management Blog, Strategic Risk Management, The ALS Group

The Battle Between "Blanket" Additional Insured Endorsement and the Underlying Contract

Posted by Purnima Rangarajan on Apr 7, 2015 2:21:47 PM

The construction and real estate industry continue to grow and so do the risk exposures from a fundamental inconsistency between a contract’s commercial intent and insurance policy language. “Additional Insured” is a very common requirement in a real estate or construction contract and many times there is a distinct lack of specificity with what is, actually, being required and why the provision is appropriate.  Additional Insured status provides vicarious liability coverage to an outside entity, usually, an owner or general contractor, under the subcontractor’s policy. It is often a requirement in construction contracts, and it can be the source of insurance disputes if not handled correctly given the changes in the regulatory framework of today’s insurance policies.

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Topics: Construction, Construction Accidents, Construction Premiums, Construction Project Risk, Insurance, Limit of Liability, Property Risk, Real Estate, Risk management, Risk Management Blog, Strategic Risk Management, The ALS Group, Total Cost of Risk

Determining Soft Costs Coverage Under Builders Risk Policy

Posted by Purnima Rangarajan on Feb 4, 2015 12:41:30 PM

The-ALS-GROUP-NJ-POLICY-ANALYSIS.jpg

Soft cost, or delay in the project completion coverage has been a hot topic of discussion and concern recently due to the unique claims scenarios that occur during a construction phase of a project. At first glance, the term “soft costs” seems easy to explain. But it's actually a more complex subject.

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Topics: Construction, Construction Premiums, Construction Project Risk, Real Estate, Risk Management Blog, Strategic Risk Management, The ALS Group

Construction Accidents in NYC Impact Insurance Costs for Building Owners

Posted by Albert Sica on Jul 24, 2012 10:49:45 AM

The recent spate of construction site accidents in New York City in the past several months couldn’t have come at a worse time.

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Topics: Construction, Construction Accidents, Construction Premiums, Risk Management Blog, Total Cost of Risk (TCoR)

The ALS Group

Risk Management Blog

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Our areas of expertise include:

  • Enterprise Risk Management (ERM)
  • Cyber Security & Cyber Liability Insurance
  • Construction Management
  • Customized Risk Management Assessments (RMAs)

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