Covered property may include work in place, materials, and certain temporary property, but the policy definition controls.
Property and Package
Builders Risk.
The building changes every day. The submission has to explain what exists now and what will exist at completion.
Builders risk can cover insured property during ground-up construction, renovation, or installation, subject to the project, covered property, causes of loss, valuation, and policy terms. Existing structures, soft costs, delay, testing, water damage, catastrophe, and the interests of owners, contractors, and lenders require deliberate treatment.
Placement context
Facts to confirm before applying.
A project budget is not yet an insurance value. Separate the existing structure, hard costs, soft costs, materials, temporary works, and anticipated completion value. Then match the parties and contract to the policy. Most late surprises begin with an unclear project scope or an unnamed interest.
Coverage scope
What the coverage may address.
Existing structures, delay, testing, flood, earthquake, ordinance or law, and water damage often need separate attention.
Named insureds, lender interests, contractor responsibilities, and waiver provisions should match the construction contract.
Placement factors
Facts that affect placement.
- Ground-up construction or major renovation in catastrophe-prone areas
- Frame, vacant, historic, mixed-use, or difficult project characteristics
- Large values, phased projects, existing structures, or delayed completion concerns
- Complex owner, contractor, lender, or contractual interests
Coverage and access are separate questions
Coverage guidance does not confirm a current market route, quote, policy terms, or bind authority for a particular account.
Submission preparation
Prepare a consistent underwriting file.
Account narrative
Give the underwriter a dated snapshot of the project: parties, scope, value, percentage complete, protection, schedule, contract responsibility, and the hardest loss scenario.
Include these facts
- Project scope, timeline, budget, and completed-value support
- Site, construction, protection, catastrophe, and adjacent-property information
- Owner, contractor, lender, and loss-payee interests
- Prior losses, security, water-damage controls, and requested extensions
Resolve these questions before market review
- Is the project ground-up, renovation, installation, or a combination?
- What existing structure and catastrophe exposures exist?
- Who owns the property and who is responsible under the contract?
- What values, delays, testing, and temporary works need consideration?
Submission errors
Avoid these three issues.
- Using the construction loan amount as the completed value without a cost breakdown
- Leaving the existing structure or occupied portion out of a renovation submission
- Submitting after work has begun without the percentage complete, prior coverage, and loss status
Hedge resources
Forms and class guidance for this coverage.
Hedge-owned form
Hedge Builders Risk Supplemental
A fillable Hedge supplemental for new construction and renovation builders risk accounts.
Read and downloadHedge-owned form
Hedge Schedule of Locations Supplement
A fillable Hedge schedule for presenting multiple premises and location-level exposure information.
Read and downloadClass appetite
Course of construction
Read the public, directional class guidance and prepare for account-specific review.
Review class guidanceClass appetite
Fix-and-flip & rehab investor
Read the public, directional class guidance and prepare for account-specific review.
Review class guidanceClass appetite
General contractors
Read the public, directional class guidance and prepare for account-specific review.
Review class guidanceRelated coverage
Review related exposures.
Property and Package
Commercial Property
A property file is a story about what can burn, break, blow away, or stop the business.
Open coverageProperty and Package
Inland Marine
If the property moves, travels, is installed, or sits in someone else's care, the building policy may not be enough.
Open coverageCasualty and Excess
Commercial General Liability
The class code gets the file opened. The operations narrative gets it quoted.
Open coverageHedge review
Send the account for review.
You do not need a perfect packet to start. Send the account, requested line, effective date, current applications, available loss information, and the fact making the placement difficult. Hedge will separate missing information from market-ready information before any account-specific route is confirmed.