8 Key Considerations for a Builder’s Risk Policy
As owner of the new manufacturing facility building project, Thyme Manufacturing Co, Inc. has recently hired the project’s general contractor – Perkins Construction, Inc. In addition to developing the minimum insurance requirements to be used with Perkins Construction and its subcontractors, as Thyme’s newly appointed director of risk management, Jennifer is also responsible for arranging the insurance for the building during the course of its construction. This “course of construction” insurance is commonly known as builder’s risk insurance.
Thyme’s legal counsel has used the American Institute of Architects (AIA) construction contract documents with Perkins Construction – including the 2007 A201™ General Conditions of Construction.1 Of particular interest to Jennifer is Article 11.3 entitled “Property Insurance” – as this section will serve as Jennifer’s starting point to determine Thyme’sminimum builder’s risk insurance requirements.
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