Use dotted terms for definitions. You can also browse the glossary.
Before you decide
- Disclose the full project and intended exit.
- Existing structure and new work need explicit treatment.
- Completion, occupancy and sale can change the arrangement.
Define the project sequence
Write acquisition date, current condition, demolition and structural scope, contractor arrangement, budget and intended sale or rental. Include the empty interval before work starts and the listing period after work ends. A project description should follow reality rather than only the anticipated construction dates.
Travelers’ builders-risk material concerns construction-property exposures. It is not proof that every flip, existing structure or completed unsold building is accepted under one contract.
Handoff register
| Phase | Question |
|---|---|
| Acquired but not started | Vacancy, security and existing-building protection? |
| Work underway | New work, materials, transit/storage and reporting values? |
| Delayed project | Extension, revised completion and changed scope? |
| Complete and listed | Termination event and appropriate continued arrangement? |
| Rented instead of sold | Accepted rental use and effective handoff? |
Worked decision
If a three-month plan becomes six months, update the partner before the relevant expiration or termination event. Report changed values and work as well as dates. Budget extension costs using an actual offer.
Contractor liability, workers compensation and owner project property are separate inquiries. Retain contracts and endorsements, then confirm the exit arrangement before cancelling project cover.
Sources & scope
- Travelers: Builders risk insurance
Illustrates construction-property and optional coverage questions, not universal benefits.
- Travelers: Landlord versus homeowners insurance
Carrier-specific explanation of property use and coverage differences; actual forms vary.
Sources checked October 24, 2026. General descriptions do not replace the policy, endorsements, declarations or an insurer’s coverage determination. Examples are hypothetical unless explicitly identified otherwise.
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