[authors: Diane Zimmer and Katie Moore]
Introduction: Perfecting the Formula for Builder’s Risk Claims Management
A builder’s risk (BR) claim is a type of insurance claim that arises during construction. A BR insurance policy is meant to protect property and construction materials during a construction or renovation project and covers property on construction sites when it’s damaged or destroyed by fire, vandalism, or other unexpected events. Typically, coverage ends when the project is complete.
Good practices and standards assist in supporting the resolution of builder’s risk claims. Specifically, the goal of experts who aid clients with BR claims should be to understand the project, understand the loss, communicate the process, and support the management of the claim.
In this paper, we share the secret recipe for successfully managing middle market builder’s risk claims. The following is intended for insurers, adjusters, and attorneys to aid in understanding the complexities of expert claim review from start to finish.
Step 1: Start with “Native Tongues”
It is most productive when all parties can communicate effectively with one another. Many builder’s risk experts…
