Builders risk: define the insured construction property

List the existing building, completed work, materials, labor and equipment interests you want considered. Identify owner, lender, contractor and suppliers. Travelers describes builders risk for construction property with optional coverages; actual acceptance and conditions depend on the proposal.

Tell the partner about structural alteration, occupied areas, phased work and offsite storage. Do not assume the final sale price is the appropriate insured project value. Request the valuation basis and reporting method.

• What property is included, excluded or separately limited?
• How do transit, storage, temporary structures and theft conditions apply?
• Which flood, earthquake, testing or water exposures need separate review?
• What delay or soft-cost trigger and limit is actually offered?
• Which completion, acceptance or occupancy event ends protection?

Suppose the owner upgrades finishes midway through the project and stores materials elsewhere. Send the revised scope, values and storage facts before assuming the original schedule follows them. Ask whether any extension or endorsement is needed.

Coordinate property protection with contractor liability, employee injury arrangements and the finished-property handoff. Keep the written response with the project calendar.