What Is Excluded Or Covered?

Yellow and Black Question Mark SignsExcluded Property

Property excluded under builders risk policies and installation floaters vary from one insurer to another.

The following properties may be excluded:

  • trees, shrubs, grass, plants, or land values;
  • plans, drawings, designs, blueprints, or specifications;
  • property in storage, unless it has been specifically assigned to the job site;
  • machinery, tools, equipment, and property of a similar nature not destined to become a permanently attached part of the building or structure; and
  • existing property to which alterations or additions are being made.

Covered Perils

The majority of builders risk and installation floater forms provide “all-risk” coverage meaning that unless specifically excluded the peril is covered. The following are typical exclusions found in builders risk policies:

  • error, omission, or deficiency in design, faulty workmanship, or faulty materials;
  • subsidence, settling, cracking, shrinking, bulging, or expansion of foundations, pavements, sidewalks, driveways, walls, patios, floors, roofs, or ceilings unless caused by specifically perils;
  • loss or damage caused by rain, snow, or sleet to property in the open that is not a permanent part of
  • the structure or installation (property in the custody of carriers for hire excepted).

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