Builder's risk from The Hanover

Quote and issue online

TAP Sales streamlines the process of obtaining a builder's risk policy, allowing you to customize and issue a policy in just a few minutes.

The policy form available on TAP Sales automatically extends broad named insured to include the interest of all contractors, sub-contractors and owners, and provides 10% of the limit of insurance for insufficiency of limits. Plus, we provide multiple billing options to fit your client’s needs.

Builder's risk policies that you quote and write on TAP Sales are all backed by our expert underwriters, ready to help with any risks that are complex or outside of the eligibility guidelines below.

Pre-qualifying questions

• Has the contractor been in business for less than three years?
• Has the applicant declared bankruptcy in the last five years?
• During the past three years, have there been more than two builder’s risk losses or any one loss over $10,000?
• Has construction begun?

If the answer to any of these questions is yes, the risk is ineligible for online entry. Please contact your underwriter.

Risks eligible for TAP Sales

• New construction, lateral additions, and nonstructural renovation, excluding coverage for existing structures or vertical additions
• Commercial and residential projects Policy terms from 12 to 24 months
• Coverage provided for multiple buildings at the same jobsite, provided they are the same construction type
• Jobsite addresses within the U.S., excluding projects located in AK, FL, HI and KY

Available limits

• Flood and earth movement coverage available up to $5,000,000 maximum limits. Job sites located in the states of California, Oregon and Washington have a maximum earth movement coverage limit of $1,000,000.
• Maximum limits (includes soft costs and rents subject to a maximum of 25% of construction cost):
  • $1,000,000 frame
  • $2,500,000 joisted masonry
  • $5,000,000 non-combustible
  • $10,000,000 masonry non-combustible
  • $10,000,000 modified fire resistive or fire resistive
• Subject to a $500 minimum premium
• Premium is prorated and is fully earned for policies with terms of one year or less. For policies with terms of 12–24 months, premium is prorated, and annual premium is fully earned.

Program features

• Quickly quote, issue and print the policy online
• 20% commission
• Multiple billing options available
• Broad named insured includes the interest of all contractors, sub-contractors and owners 
• Equipment breakdown included
• Permission to occupy included
• Replacement cost with no co-insurance
• Insufficiency of limit clause — provides up to 10% of the limit of insurance (up to $1,000,000) following a total loss to covered property

Dedicated marine claims professionals

Our claims professionals are solely dedicated to marine claims, including our field adjusters, appraises, administrative, personal and special investigators. As a result of their expertise, we can address your clients claims quickly and accurately with 24/7 claims reporting.

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