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Do Builder’s Risk Policies Cover Major Structural Changes? What is a ‘Major Structural Change’?
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YES. Most standard builder’s risk policies allow coverage for structural changes although they do not provide liability coverage or coverage for property which is occupied at anytime during construction or renovation. The scope of work must be provided when the policy is being issued, normally in the ‘Description of Work to be Performed’ area of the application.
A ‘major structural change’ is usually defined as anything having to do with the actual structural integrity of an existing property which is undergoing remodeling. Such changes may include the movement or addition of load-bearing walls, addition of a second story, foundation leveling, addition of new foundation / square footage, roof trusses, etc.
We have relationships with numerous builder’s risk markets and we can provide coverage up to $50M for anything that your project includes, including liability and major structural changes, in any area, including those projects located on the coast. We can also insure projects which already have a majority of the work completed.
