A new builders' risk policy from XL Group looks to get rid of the “gray areas,” says the insurer.

XL Group's Builder's Risk and Installation Coverage Solutions (BRICS) contains more than two dozen property insurance coverage enhancements for single projects or multiple jobsites in North America.

The new policy form insures more types of property including landscaping, signs, temporary structures, and business personal property. It includes labor costs, change orders, delivery charges, and reasonable profit and overhead.

XL says risks that are excluded in many builders' risk policies are addressed by BRICS protection, such as sinkhole collapse, testing, voluntary parting, and virus and harmful code.

“XL Group has built a strong reputation for providing Builder's Risk and Installation coverage for the most complex of construction projects,” says Rich DeSimone, president of XL Group's North America Marine group, in a statement. “Now, with our team of seasoned marine underwriters and our new BRICS policy, we're pleased to extend that protection to meet the risk management needs for any entity with a project in the course of construction.”

The coverage is available for general contractors, owners, developers, and specialty-trade contractors. Through endorsements, BRICS can be tailored to meet a wide array of needs, including:

Green Coverage
Contingent and Difference in Conditions
Rigger's Liability
Existing Buildings or Structures
Soft Costs, Business Income and Extra Expense
Permission to Occupy
Equipment Breakdown
Flood, Earthquake and Volcanic Eruption

BRICS “protects property at more locations, from more loss situations and with more protection.” explains Alexander McGinley, vice president of Inland Marine. “Projects we insure can range from new construction, renovation, rehabilitation, alteration, or additions to installation, repairs, improvements, erection, rigging, or millright.”

The coverage also includes protection from variable costs that are often overlooked in other policies such as increase in construction costs, site preparation, extra and expediting expense, contract penalty, rewards, reimbursement for returning stolen property, loss adjustment expense, ordinance or law, fire department service charges or expenses related to debris removal, pollution cleanup, among others, XL says.

Special Reports /

New Builders' Risk Policy Offered by XL

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