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We are pleased to announce our
new Great American Builders Risk Program
underwritten By Great American Insurance Companies! You are now able
to price your builder's risk Accounts qualify them, and print the binder
immediately in your office! Can it get any easier than that???
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Ineligible Risks
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Risks in designated Fire Brush Areas
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Manufactured Homes
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Risks that are not residential dwelling or outbuildings. (i.e. bridge, dam,
tunnel, roadwork, silos etc &).
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Risks with more than 3 builders risk claims in the past 3 years.
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Risks with a loss ratio of more than 50% in the past 3 years.
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Risks where the project’s builder/contractor has been in business as a
homebuilder or remodeler for less than 2 years or proposed builder/contractor
has less than 2 years of experience as a construction manager or supervisor.
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Risks where the remodeling is being done as a result of prior property damage
(i.e. flood, earth movement, fire or water damage).
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Risks with unique building methods or materials. (i.e. fabric structures,
earthen materials etc.).
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Underwriting
Guidelines
Great American provides Builder’s Risk/Course of
Construction coverages for Owner/Builders, Contractors & Developers
building or remodeling residential Dwellings. Dwellings (1 to 4 family) are
allowed in all protection classes (1 through 10). The maximum allowable
exposures allowed online are $1.5 million but higher values may be referred in
the system directly to your underwriter. Minimum premium is $750 for CA, $350
for all other states. Replacement Cost Valuation is included.
Policies may be written for one year and extended coverage
is available subject to additional underwriting review.
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Tract work can be done by Great American but multiple dwellings on one policy
must be manually submitted. Quick & easy. See Underwriter for instructions.
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The project’s builder/contractor must have been engaged principally (75% or
more) in the construction and/or remodeling of one to four (1-4) family
dwellings for the past 2 years.
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Rating
Information
The rating information needed to develop a price indication
is as follows:
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Project type (Is it New construction, Remodeling/Renovation with no existing
structure coverage or Remodeling/Renovation with existing structure coverage).
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Must be a residential structure. (Commercial not available at this time — It is
a manual submission to Underwriter).
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The state that the project is in.
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The protection class where the project is to be located.
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Whether the project is in a designated brush area.
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The construction type of the project (i.e. wood frame, joisted masonry,
non-combustible or better, log home or manufactured home)
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The value of the New construction or Remodeling/renovation, and, if the
applicant wants the coverage, the value of the existing structure.
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General
Program Information
| Great
American Builder’s Risk Program Coverage Advantages |
| Coverage
Advantages |
Automatic
Limits |
Points of Interest |
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Our policy covers…
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Building Materials and Supplies,
Equipment and Machinery, Fixtures, Foundations and
Excavations, Underground Pipes and Drains, Paving,
Pilings and Fences when intended to become a permanent
part of the structure; Temporary Structures,
Scaffolding and Construction Forms used at any
construction premises covered by this coverage form.
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Included
in Job Site
Limit |
Includes insureds property, and property for which the insured
is legally responsible
Includes the Reasonable builder’s profit
Replacement Cost Valuation
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And these additional coverages
automatically…
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Debris Removal
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10% of direct loss amount, $10,000 max*
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You can purchase Higher Limits for these
additional coverages! In addition to that, the deductible provision in the
policy does not apply to most of these coverage extensions*!
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Valuable Papers and Records
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$5,000*
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Outdoor Trees, Shrubs and Plants
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$5,000*
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Fire Department Service Charges
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$1,000*
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Pollutant Clean Up and Removal
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$10,000*
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Covered Property in Transit
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$25,000
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| Covered
Property at a Temporary Storage Location |
$25,000
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Other Optional Coverages |
| Model Homes and Contents |
| Homes in
Inventory |
| Furniture and Appliances |
| Trade-in Homes |
| Flood |
| Earthquake |
| Change Order Coverage |
| Permission to
Occupy |
| Crime Reward Reimbursement |
| Inflation Expense |
| Extra Expense - Soft Costs |
| Removal to Safe
Location |
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Deductible
$500/$1,000/$2,500/$5,000 deductibles are available as
options
Risk Canceled or Non-renewed by Company
Please refer any risk that has been canceled or non-renewed
to Builders & Tradesmen’s Insurance Services prior to submission. We ask
that full information regarding the reason for cancellation or non-renewal and
the conditions or preventive steps taken by the applicant be provided.
Audit Basis
Inland Marine premiums and exposures are not subject to
final audit but an inspection will be made after a policy is bound.
Payment Options
Full annual premium - The producer may withhold commission
and remit net payment in full.
Certificates of Insurance
Evidence of insurance can be provided by the agent.
Loss Payee
For Loss Payee documentation please fax the request to
916.772.9292.
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| Frequently Asked Questions |
How do I find out more?
Use our live support for an immediate response or call your
CSR or Underwriter at 916.772.9200.
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How do I get a Quote?
The online price indication process is by far the quickest
way to get a price. If your account falls outside of the parameters of the
online process, you will be informed that the risk must first be submitted to
your underwriter for review and subject to approval before coverage can be
bound.
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How do I get a renewal quote?
Our Builders Risk programs do not give automatic renewals.
You can request an "EXTENSION" online by creating a submission online and
submitting it to your Underwriter.
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Can BTIS finance this for me?>
No, premium is to be paid in full and is fully earned (with
the exception of NM policies)
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If I am having system problems, what do I do?
Use our live support for an immediate response or call your
CSR or Underwriter at 916.772.9200. |
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Edition 8/1/08
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| This information is provided as a guideline only and is
subject to change with or without notice. |
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