If you incur property damage on your construction project site and want to know if insurance will help you compensate for it, several challenges arise. First, you need to determine if you have an insurance policy that could provide coverage. Second, you must determine the extent to which the policy covers property damage and related losses and how to go about calculating delay costs. The most likely means to ensure coverage for property damage is the builder’s risk insurance policy, which can include delay-in-completion coverage added by endorsement to cover the delay costs and related expenses caused by the covered property damage. In my latest article for the Daily Journal of Commerce, I provide several tips to help you prepare a builder’s risk claim and maximize recovery. Read the article here.
Originally published as “OP-ED: A builder’s risk policy claim checklist to maximize recovery,” by the Daily Journal of Commerce, August 20, 2020.