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Description: Builder’s risk insurance is a specialized type of first-party insurance coverage that insures projects while under construction. Coverage typically ends under a builder’s risk insurance policy when commercial operations or use and occupancy commences. At that point, it is necessary for an insured to obtain other, first-party insurance coverage. This lecture will provide an overview of builder’s risk insurance coverage and describe the types of loss that are covered and those that are not. Builders risk insurance claims can be very complex and it is important to understand the limitations on coverage under a builder’s risk insurance policy.
What core concepts are addressed?
(1) The types of losses covered under a builder’s risk insurance policy;
(2) when coverage begins and ends under a builder’s risk insurance policy;
(3) the standard exclusions contained in a builder’s risk insurance policy; and
(4) recent development in the case law concerning builder’s risk insurance policy.
Two recent cases, which address many of these issues, will be discussed in detail: W2001Z/15 CPW Realty, LLC v. Lexington Ins. Co., 2014 WL 264468 (N.Y. Sup. Ct. Jan. 22, 2014) and E3 Biofuels-Mead, LLC v. Zurich American Ins. Co., 2012 WL 6554437 (D. Kan. Dec. 14, 2012).
Learning Objective:
To provide an overview of builder’s risk insurance coverage for both experienced individuals and those new to this type of insurance coverage.
| Practice Areas: | | Construction Law, Insurance Law | | Online Media Type: | | Audio | | Production Date: | | 04/10/2014 | | Level: | | Basic | | Category: | | Standard | | Duration: | | 1 Hours, 0 Minutes | | Online Format: | | On Demand | | Course Type: | | Public |
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| • | William D. Wilson - Partner, Mound Cotton Wollan & Greengrass |
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