An Introduction to Builder’s Risk Insurance and AIA Requirements by Leo John Jordan
Thursday, February 04, 2010
A forklift runs into a newly-plastered corner of a building, a front-end loader crushes expensive imported materials soon to be installed in a building’s lobby, a plumber sweating joints causes a fire, a windstorm causes added havoc to a building not yet enclosed, a flood envelops building equipment waiting to be installed – all of these and numerous other risks happen daily to buildings under construction. And simply because a building is under construction – construction activity is, by the way, an especially hazardous activity – the risks inherent in a casualty happening are much greater than they are to a building already completed. The risks are more complex, too. Whose interests are to be insured, for what period of time, against which risks, and for what amount are typical underwriting questions.
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