Your lender requires it before the first draw. A licensed California broker checks the project's eligibility first, then quotes coverage while you build.
National builders risk, admitted and surplus
E&S builders risk to $5M per location
Builders risk and property programs
Builders risk plan via US Assure, to $75M
Builders risk for residential and commercial
Inland marine builders risk
Commercial and residential builders risk
Hard to place builders risk, primary and excess
The policy is written for the builder, not the property owner. The program asks for a licensed general contractor with 3 or more years of business experience. Less experience needs a detailed resume and underwriter review.
Completed building value from 150 thousand to 5 million dollars per structure for new construction, and 10 thousand to 1 million per job site for renovations. Larger projects are placed with underwriter review.
The highest wildfire hazard groups are not written, a project within 5 miles of an active wildfire without barriers needs underwriter approval, and sites under a mile from the coastline are outside the program. The broker checks all three from the project address first.
An inland marine course of construction policy: replacement cost on the new work, actual cash value on the existing structure for renovations, with terrorism and ordinance or law included and soft costs from 5 to 100 thousand dollars.
A few questions about your business or home.
We compare carriers and read the forms line by line.
We explain what is covered, what is not, and what it costs.
An online rater never checks the project's wildfire hazard group or its distance to the coastline, so a contractor can get quoted and then declined at binding, days before the lender's deadline. A licensed broker checks eligibility before quoting, so the quote you get is one you can bind.
The highest wildfire hazard groups are outside the program entirely, active-fire proximity needs underwriter approval, and coastal distance can end eligibility on its own. None of that appears in an online quote until the decline arrives.
The work you are doing is covered at replacement cost while the existing structure is covered at actual cash value, so the split between the two numbers changes the premium. Getting that split right up front is the difference between a real quote and a renegotiation.
New construction runs a standard 12 month term and renovations write in 1 to 12 month increments, fully earned. A policy that expires before the certificate of occupancy is a gap your lender will notice, so the broker matches the term to the build schedule.
There is no flat rate for this coverage. These are the inputs a carrier prices against, and they are the same things the quote form asks you for.
Yes. Course of construction is another name for the same inland marine policy that covers a building while it is being built or renovated. Lenders and contracts use the two names interchangeably.
On this program, the builder. The applicant is a licensed general contractor, and the policy covers the structure while it is under construction. A homeowner acting as their own builder is a different risk that this program does not write.
The lender's collateral is a building that does not exist yet. Builders risk covers the structure, materials and the work in progress while it is being built, which is why funding is conditioned on proof of coverage before the first draw.
The renovation work itself is covered at replacement cost while the existing structure is covered at actual cash value. The two values are scheduled separately, which is why the broker asks for both numbers.
New construction writes a standard 12 month term and renovations write in 1 to 12 month increments. Premium is fully earned, and the policy expires automatically at the end of the term, so the term has to match the build schedule.
The highest wildfire hazard groups, sites under a mile from the coastline, risks over water, non-conventional or modular construction, and applicants with a bankruptcy or foreclosure in the last five years or an insurance fraud or arson history. The broker checks these from the address and a few questions before anything is quoted.
We are licensed in California, Texas, Pennsylvania and New York, and applications in Ohio, North Carolina and Michigan are with those states now. We do not quote a state before its license is issued. Start a quote and we will tell you where you stand before you spend time on it.
You answer a short set of questions, and a licensed broker at Menlo reads them, maps your operation to a class, and shops it with the carriers we are appointed with. There is no instant bind and no black box. You talk to a person before anything is quoted.
Start a quote and a licensed broker takes it from there, or talk to one now.
