The following checklist will help both broker and underwriter in underwriting and rating:
- Project type: New Construction, Installation, Renovation, Building Extension.
- Legal names of all named parties.
- Risk address of project site.
- Intended occupancy.
- Mortgagee or loss payee details.
- Names of consultants, architects, etc.
- Site type: Soil type and slope description (flat/hilly, standing water or filled ground, etc.)
- Fire and other protection.
- Details of existing structures/equipment if they are to be included in the project work and amount of insurance (age, construction, condition, occupancy, etc.)
- Deductible: $1,000, $2,500, $5,000, other.
- Contract period.
- Occupancy during construction.
- Details of testing if any.
- A complete description of the project, including type and scope of work, materials used and sourced from. Extensive detail is required here.
- Information on the experience of the main contractors involved.
- Loss history details of all interested parties.
Some insurers may require copies of site plans, scheduled completion dates, etc.
The above is just an overview; there’s a significant amount of detail needed for these risks to be properly analyzed. Expect an underwriter to ask for more and more information as the quote process progresses.