What it does
CP 11 21 modifies the Builders Risk Coverage Form (CP 00 20). It covers theft or attempted theft of property intended to be permanently located in or on the scheduled building or within 100 feet of its premises:
- Fixtures and machinery.
- Equipment used to service the building.
- Building materials and supplies used for construction.
Key provisions
- No coverage for theft during hours or days when construction is not in progress, unless a watchman is on duty at the premises.
- The Theft Limit of Insurance in the Schedule is the most paid per occurrence, and the scheduled Theft Deductible is the only deductible that applies.
- Excluded: dishonest or criminal acts by the insured, its partners, members, officers, employees, contractors, subcontractors and their employees, or anyone entrusted with the property; voluntary parting induced by fraud; and unexplained inventory shortages.
Quoting and selling notes
- Copper, appliances, HVAC units and fixtures are frequent theft targets on job sites. Confirm the watchman requirement can actually be met. Otherwise night and weekend thefts will be excluded.
- Theft by subcontractors and their employees is excluded. Contract and bonding terms should address that risk.
- Forms lists show 10 12 as the current edition in most states.
