Builder’s Risk Policies
Construction projects are prone to delays resulting from loss events during construction with consequences for all parties. For contractors, delays can result in extended general conditions costs and other delay damages. For owners, delays to commercial operations can mean loss of income. It is for that reason that insurance carriers offer policies to protect contractors and owners.
Delay in Start-Up Policies
Carriers also write policies which insure against delay risks stemming from covered events in the form of Builder’s Risk policies and Delay in Start-Up (DSU) products aimed at contractors and owners respectively. VERTEX’s team works with insurance carriers to determine the cause and origin of the identified damages, and the impact of the loss event on the completion of the project so that the financial loss suffered can be quantified.
Cause and Origin Reports for Damages and Impacts
VERTEX offers architects, engineers, environmental scientists and construction experts as necessary to evaluate the cause of loss. Services include:
- Reviewing policy documents
- Delay Analysis including Period of Restoration, Period of Delay
- Retrospective – observational and/or modeled
- Baseline schedule
- Restoration Activity Information
- Updated Schedules
- As-Built Schedules
Assessment of Repair Plans
VERTEX offers architects, engineers, environmental scientists and construction experts for assessment of repair plans, as needed. VERTEX also has forensic accountants who specialize in construction to assist with evaluating expenses related to a loss event, extra expenses incurred to maintain the scheduled progress and loss of income.