Builder’s Risk Insurance

Policies & Procedures for New Construction, Renovation and Capital Maintenance Projects


Builder’s Risk Insurance

It is the responsibility of the Contractor to provide Builder’s Risk Insurance when the building is new construction of a freestanding structure or if the Contractor has complete control of the building. If the Contractor is performing renovations or alterations to an existing building and does not have complete control of the entire building, Builder’s Risk Insurance will be provided by the AOB.

NAMED INSURED

  • Named Insured shall include the following:
    Archbishop William E. Lori, Archbishop of Baltimore, A Corporation Sole and (legal name of Parish)
  • Contractors and subcontractors as their interest may appear

AMOUNT OF INSURANCE

  • Completed value of the building/structure, excluding the value of the land
  • Property in Transit: …..$100,000
  • Off-Site Storage: ……..$250,000

PROPERTY COVERED

  • Includes excavation, grading or filling
  • Includes foundations, underground flues, pipes, drains and wiring

COVERED CAUSES OF LOSS (PERILS)

  • Risks of direct physical loss from any external cause, except those causes of loss listed in the policy exclus