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

Is Faulty Workmanship an Insurable Event? The New Jersey Supreme Court Says “Yes.”

Posted by John Mooney on Sep 8, 2016 4:23:41 PM

The New Jersey Supreme Court recently reversed its position on coverage for construction defects, affirming the Appellate Division’s decision that consequential damages caused by a subcontractor’s faulty workmanship constituted “property damage” caused by an “occurrence” under the plain language of the developer’s Commercial General Liability (CGL) policy.

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Topics: Claims Management, Commercial General Liability Coverage, Commercial General Liability Insurance Risk, Construction Project Risk, NJ Supreme Court Cypress Pointe v Adria Towers, Real Estate, Real Estate & Development General Liability, Real Estate & Development Risk Management, Risk management, Risk Management Blog

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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