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Development Command Center 18 items

Builder's Risk Insurance Coverage Review Checklist

A risk manager's checklist to verify a builder's risk (course-of-construction) insurance policy adequately covers a project's value, perils, and contractual requirements.

ISO Builders RiskAIA A201-2017 Art. 11

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Policy Basics

  • Does the policy name all required insureds (owner, GC, subs, lender)? *
  • Is the coverage period aligned with the construction schedule plus occupancy? *
  • Is the insured value equal to the completed value / total project cost? *
  • Total insured value (USD)

Covered Perils & Valuation

  • Is coverage written on an 'all-risk'/special-perils form? *
  • Are materials in transit and stored off-site covered? *
  • Is valuation on a replacement-cost basis? *
  • Is the deductible acceptable and by whom is it borne? *

Extensions & Soft Costs

  • Are soft costs / delay-in-completion coverage included where needed?
  • Is coverage for debris removal, ordinance or law, and testing provided? *
  • Are catastrophe perils (flood, earthquake, wind) covered or sub-limited? *

Exclusions & Warranties

  • Are key exclusions (faulty workmanship, design, wear) reviewed and understood? *
  • Are protective safeguard or water-mitigation warranties identified? *
  • Is the resultant-damage / LEG coverage for defects evaluated?

Contract Compliance

  • Does the policy meet the insurance requirements in the construction contract? *
  • Is a waiver of subrogation in favor of the parties provided? *
  • Is the lender/mortgagee listed with proper notice provisions? *
  • Is a certificate of insurance and policy copy on file? *

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