Excluded 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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