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Get simple answers to frequently asked questions about our insurance products, coverage scenarios and more.
InsuranceLink is a licensed independent insurance agency based in Jacksonville, Florida, and operating nationwide in the United States. We specialize in the placement of builders risk insurance and associated property products. InsuranceLink is a registered trade name conducting business under the license of US Assure Insurance Services of Florida, Inc. In New York and Minnesota doing business as InsuranceAgencyLink. In California doing business as InLink Insurance Services (CA License #0D44490).
US Assure distributes, underwrites and services construction and property insurance products across the U.S. for “A” rated carriers — and has done so for more than 40 years. US Assure’s expertise lies in builders risk coverage, insured by Zurich, which provides protection from physical loss and damage that occurs during building, remodeling or installation.
InsuranceLink is licensed nationwide to service homeowners, contractors, investors, business owners and other customers who need builders risk or property insurance. Eligibility of a specific insurance type may vary by location.
If you have a loss, contact the appropriate carrier’s claims department to file your claim as soon as possible.
If you have any issues filing your claim, contact us at (800) 431-4836, and we will be happy to assist you.
Coinsurance is a policy condition that requires the insurance amount or limit purchased equal a specific percentage of the property value. If a loss occurs and it is determined the insurance limit is less than that required by coinsurance, the payment for the loss will be limited or reduced.
Builders risk insurance provides protection from physical loss and damage that occurs to materials, fixtures, appliances and more during construction from the time the ground is cleared to the installation of the final finishes.
The Builders Risk Plan insured by Zurich covers structures under construction and materials installed or to be installed at the job site from perils like theft, vandalism, fire, wind and hail (depending on location), and collapse. Earthquakes and floods are not automatically covered, but may be included upon request. There is no general contractor insurance coverage under the Builders Risk Plan insured by Zurich.
The Zurich Builders Risk policy is written on a “special” form meaning whatever is not specifically excluded from the policy is considered included. This is sometimes referred to as “broad” coverage or “extended perils.”
While the names may differ, these both refer to coverage for a building under construction.
If you are obtaining a construction loan, more than likely the lender will require builders risk insurance to protect its financial interest. If you are not required to carry builders risk insurance or are self-financing the project, you should still obtain this coverage to protect your investment in the event of a covered loss, such as fire.
The Builders Risk Plan insured by Zurich can be written in the name of the contractor, owner or business entity. In the event of a loss, assuming there is no lender, the claims check would be made out to the named insured on the policy. Remember that the named insured has some contractual rights and benefits under the insurance contract.
In order to be eligible for Zurich’s builders risk program, the individual overseeing the project must have at least two years of experience in construction management on similar projects.
You should obtain a builders risk policy prior to beginning construction to ensure that your project is properly covered. As soon as materials are delivered to the job site, your builders risk policy starts protecting you.
Zurich offers a 12-month term policy for new construction, which can typically be renewed for another 12-month term if needed.
The premiums are fully earned, so there is no refund upon cancellation. Exceptions include:
For new construction projects, you should obtain builders risk insurance coverage for the total estimated completed value of the project.
Zurich defines total completed value as the total of all costs associated with the design and construction of the covered property, including labor, overhead and materials. The total completed value excludes land cost.
In addition to the building and design costs, a builder can choose to include up to 20% profit in the total completed value limit.
The cost for builders risk insurance will vary depending on several factors. The rate is calculated based on factors such as:
The premium is then calculated based on the rate and total limit of insurance.
Installment options are available for premiums greater than $500. Additional fees may apply.
If there are any changes to the scope of work or total completed project value during the construction, please contact us, and we can endorse your policy accordingly.
Builders risk insurance will provide coverage for your materials and work from physical damage or loss due to a covered peril, but does not protect against faulty workmanship or inadequate design. Your contractor’s commercial general liability policy would cover you in the event that your workmanship was the cause of loss.
Coverage may be secured for projects already under construction, depending on project specifics such as start date and percentage complete. All projects are subject to underwriting review and approval.
Builders risk insurance for renovations provides protection from physical loss and damage that occurs to materials, fixtures, appliances and more during the course of construction from the time the ground is cleared to the installation of the final finishes.
The Builders Risk Plan insured by Zurich is written on a “special” form meaning whatever is not specifically excluded from the policy is considered included. This is sometimes referred to as “broad” coverage or “extended perils.”
Builders risk insurance covers materials installed or to be installed at the job site from perils like theft, vandalism, fire, wind and hail (depending on location), and collapse. For renovations, you may choose to either include or exclude coverage on the existing building or structure.
Earthquakes and floods are not automatically included but may be requested. There is no contractors liability coverage under the Builders Risk Plan insured by Zurich.
While the names may differ, these both refer to coverage for a building under construction.
If you are obtaining a construction loan, more than likely your lender will require builders risk insurance to protect their financial interest. If you are not required to carry builders risk insurance or are self-financing the project, you should still obtain this coverage to protect your investment in the event of a covered loss, such as fire.
The Builders Risk Plan insured by Zurich can be written in the name of the contractor, owner or business entity. In the event of a loss, assuming there is no lender, the claims check would be made out to the named insured on the policy. Remember that the named insured has some contractual rights and benefits under the insurance contract.
In order to be eligible for Zurich’s Builders Risk program, the person overseeing the project must have at least two years’ experience in construction management overseeing similar projects.
You should obtain a Builders Risk Plan insured by Zurich prior to beginning construction to ensure that your project is properly covered. If you are purchasing a building to renovate but will not begin renovations within 60 days, you should obtain a homeowners policy to insure the building during that time. Once you are ready to begin the project, you should then get the Builders Risk insurance in place.
Homeowners insurance does not typically cover renovation projects. With the Builders Risk Plan insured by Zurich, you can cover your renovation, the materials waiting to be installed, as well as the structure undergoing renovation.
Zurich offers a 6, 9 or 12-month term for renovation policies. The 12-month policy term for remodeling policies with existing structure included and valued under $50,000 is not available.
Zurich’s premiums are fully earned so there is no refund upon cancellation.
Exceptions: Projects located in Louisiana, Montana, Maryland or New Hampshire.
For new remodeling/renovation projects excluding coverage on the existing building, the limit of insurance should be the total estimated cost for the renovations including all labor and materials.
If you are including coverage on the existing building or structure, you should obtain builders risk insurance coverage for the total estimated completed value of the project, which is the sum of the actual cash value of the existing building, plus the estimated cost of your renovations and improvements.
Please note, the total completed value excludes land cost and profit.
Actual cash value is the replacement cost of an item, less depreciation (such as age or wear and tear).
The rate is calculated based on factors such as:
The premium is then calculated based on the rate and total limit of insurance.
Installment options are available for premiums greater than $500. Additional fees may apply.
If there are any changes to the scope of work or total completed project value during construction, please contact us and we can endorse your policy accordingly.
Contractors commercial general liability policies cover losses resulting from workmanship errors. In contrast, builders risk insurance covers losses resulting from a covered peril (such as theft, vandalism, fire, etc.), but does not protect against faulty workmanship or inadequate design.
Coverage may be secured for projects already under construction, depending on project specifics such as start date and percentage complete. All projects are subject to underwriting review and approval.
The Builders Risk Plan insured by Zurich offers insurance coverage for renovations. A renovation, in builders risk insurance terms, means that an existing structure is being remodeled and changed, replacing old pieces with new. This includes additions, alterations, improvements or repairs — modifications that are often performed to keep up with the latest design trends.
In contrast, a restoration refers to returning an existing structure to its original condition. Typically, restoration projects are ineligible under Zurich.
The Builders Risk Plan insured by Zurich offers insurance coverage for renovations. Zurich may offer coverage on projects with structural changes; to consider, additional information will be required.
Diamond State Insurance premises liability coverage provides needed protection to property owners undergoing new construction or remodeling at an unoccupied property, or on land where there is no existing property coverage already in place.
Should a visitor to the property sustain injury due to owner negligence and file a lawsuit, premises liability insurance will pay direct damage for medical aid to the injured party and defend the insured.
Premises liability insurance is a separate policy and does not take the place of contractors commercial general liability coverage. Builders risk insurance will provide coverage for your materials and work from physical damage or loss due to a covered peril, but does not protect against faulty workmanship or inadequate design (which is covered by your contractors commercial general liability policy).
Diamond State Insurance offers a 3, 6 or 12-month policy term depending on the policy state. Refunds are offered with a 3-month minimum premium earned.
InsuranceLink’s rental dwelling insurance, also known as a landlord liability insurance, offers coverage for owners renting well-maintained, one-to-four family unit dwellings, including their detached structures. Should the occupancy of the property change during the policy term, property coverage can easily be converted to an unoccupied property insurance policy.
Landlord liability insurance covers losses such as weather damage, theft and vandalism, water damage, fires and damages from lack of maintenance.
Vacant structure insurance (also known as vacant home, vacant dwelling or vacant property insurance) protects an unoccupied structure during vacancy in the event of physical loss or damage from a covered loss.
If your home or building is vacant and up for sale or awaiting occupancy, you need vacant insurance to cover your property in the event of a loss.
Vacant house insurance is designed to protect the structure (not the land or other assets) from damage when the structure is unoccupied. Though specific coverage varies from provider to provider, vacant home insurance can cover exposures such as fire, lightning, explosions, windstorms, hail, smoke and water intrusion (caused by sprinklers or leaky pipes, for example). Coverage for vandalism and theft may also be added, but may vary by structure and insurance provider.
Restrictions vary from provider to provider. If the property has certain hazards like ponds, lakes, swimming pools, hot tubs, swing sets or trampolines, the home may not qualify.
For policy-specific answers, contact our team.
Residential vacant structure policies are available for completely vacant dwellings, provided they are well kept and in good repair. For the vacant structure insurance product available through InsuranceLink, eligible dwellings include single-family homes, condominiums, townhouses, duplexes, triplexes and quadruplexes.
Properties can be awaiting sale or undergoing renovations, though coverage may depend on the extent of the remodel. Additionally, anchored mobile homes or those on a permanent foundation, as well as individual condominiums or townhouse units may be eligible for vacant structure insurance. If structures are going to be demolished, it’s unlikely they will be covered.
Risk value limits vary by company. The vacant structure product available through InsuranceLink offers coverage for up to $5 million in property limits and up to $1 million in general liability limits (though this is also subject to underwriter approval).
Coverage provided under a vacant home insurance policy differs between providers. The vacant structure product available through InsuranceLink, for example, offers two coverage form types: basic and special. The basic form includes vandalism coverage.
In order to qualify for the special form, the structure must be less than 40 years old with no prior losses or lapses in coverage. If the structure was built more than 40 years ago, it must have been fully gutted and renovated within the past 30 years. All protection classes are eligible, provided a fire station is located within six miles of the structure.
Theft protection may also be added to the special form, if the structure has an active central alarm system that monitors for fire and burglary.
Additionally, a multi-location option is available to include multiple similar locations on one policy, provided the policy limit does not exceed $5 million.
Designed to protect commercial operations owning valuable mobile equipment, the contractors equipment insurance policy provides business coverage for construction machinery, equipment and tools of a mobile nature used in contracting, installation, erection and repair, or moving operations or projects.
A policy can be written for contractors, commercial general contractors, agricultural entities, excavation providers, municipalities, wholesalers, retailers or any other type of commercial entity that owns mobile machinery and equipment.
Items typically insured include bulldozers, power shovels, loaders, graders, backhoes, forklifts, excavators, pavers, compressors, pumps and numerous other items of a mobile or portable nature.
No, Zurich does not offer a policy solely for construction equipment rental.
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