Broker Tutorial | How to Submit Builder’s Risk Video

TRANSCRIPT:

Introduction & Broker Tab (0:00)

Today we’re going to be entering a submission in the portal. Log in, and you’ll get to your dashboard. Click New Quote, Builders Risk/Remodelers Risk. It’s going to take you to the Broker page, which will be all your information.

Insured Tab (0:30)

The next page is the Insured page. So we enter the insured’s name. What best describes the insured? Are they the owner, the future owner, or the investor? Choose whichever is relevant and what form of business – LLC, individual, joint venture, et cetera. Insured mailing address, email address, telephone number.

Then we have the policy details, and the effective date you’re looking for. Type of project. We are doing the renovation/rehab. We have ground-up construction, prior start, and bettlements only.

Now insured losses. This is the insured loss, not the property loss. Down to the builder information. We do not need the builder’s information to quote, but it is needed to bind. Builder not known. These are the questions that you will need to answer before binding.

Builder’s Risk Tab (1:47)

Go to the next page – the Builder’s Risk page. First of all, we have all the eligibility questions. Have a read-through just to see if this is a fit for our program. You do need to scroll all the way down and acknowledge that you have read them all. Then we come to the type of coverage. We’ve already said that this is a renovation/rehab project. However, if you decide you changed your mind or you want something different, this can be done here.

Has the project started? Describe the scope of work. Please put as much detail in here as you can so we can understand the type of project this is going to be.

Will the work start within 45 days? This is a stipulation on our remodelers program. If the work is not going to start, I would suggest you reenter as vacant. Estimated project length.

And then the location information. Once the zip code is entered, the city, state, and county will populate. Betterments Valuation – how much are you putting into the project? This must be at least 10% of the existing structure limit.

Existing Structure Value – this is at actual cash value. You cannot cover it at replacement cost. And then the Deductible. If you want to exclude theft, check the yes button.

Now for the exposure information. You have a choice of several: single-family, multifamily, and wholesale. Choose which best fits. If you’re not sure, you can choose other and type it in. Square footage before the project and square footage after the project.

If there’s going to be a horizontal or vertical addition, this figure will be different. Was the building designed for the occupancy type?

Construction type – how many stories? Is it connected to another building? And the year built. If this is more than 15 years, it will open up additional questions with regard to the mechanicals. So you’ll need to know when the mechanicals were last updated. Protection class – any hazardous or combustible materials?

If it is on the National Register of Historic Places, we will not be able to write it. We do require that the water lines are drained, or the heat is maintained during the policy period. Single-family homes must be a hundred percent vacant. We can be up to 30% occupied on other types of property. We’ll require that somebody will inspect the premises at least once a week. We ask who that will be.

Is the building currently sprinklered? And is there any fire protection monitoring? Structural work – these must all be filled in. If there is to be an addition, you click yes; there’ll be more questions asked. What type of edition? Vertical, horizontal, or both? Any structural work, or additional work, must be displayed at this point.

Security – minimum security is locked windows and doors. Did you ask if anything over 50,000 will be installed?

Additional Interest Tab (7:03)

The next button. So this is where we can add an additional insured or a mortgagee. Once complete, hit the next button. If you want to add another interest. Hit add interest.

Loss History Tab (7:51)

If the builder or the insured has had any losses, this way, you need to answer yes, and we hit the next page button.

Pricing and Options Tab (8:03)

At the very, very bottom is a fraud statement that you need to agree to before you can either get a quote or it can be submitted.

So, as you can see, it is asking me if I would like to quote the application. But we go there. You can adjust policy terms, effective dates, and deductibles. You’re going to say yes. You’ll then automatically get emailed your quote. This will change from submission in progress to submission quoted. You’ll then have a bind button. If you wanted to bind, automated bind and issue. It will send you an invoice and your policy documents.

If you want to make any changes. Then we decide we want to cover the existing structure for more, we click more actions, revise, and the fields are going to open up again so we can mix and change. We’re going to increase the existing structure limit. Now you see underwriter review is required, and this is now over $1M TIV.

Confirmation (10:07)

So we go to the last page, which is the confirmation page now, and it asks us if we want to refer the list to underwriting. We click yes, the underwriter will receive an email, and you’ll receive a copy of your application. And in due course, you will hear back from the underwriter.

For questions, please contact:

Greg Somers (gsomers@distinguished.com)

Matt Walters (mwalters@distinguished.com)

Paul Zeni (pzeni@distinguished.com)

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate & Builder’s Risk, Community Associations, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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