What it does
When the Standard Property Policy (CP 00 99) is used for a building under construction, CP 11 99 replaces its covered property, property not covered and coverage extensions with builders risk provisions:
- Covered property: Building Under Construction, including foundations; fixtures and machinery, service equipment, and the insured's building materials and supplies intended to be permanently located in or on the building or within 100 feet; and temporary structures such as cribbing, scaffolding and construction forms if not otherwise insured.
- Property not covered: land and water, and outdoor lawns, trees, shrubs and plants, antennas and detached signs.
- Extensions: building materials and supplies of others in the insured's care ($5,000 per premises unless higher) and sod, trees, shrubs and plants.
Quoting and selling notes
- The Standard Property Policy's named perils and other terms still apply, so coverage is narrower than CP 00 20 with a Special form.
- Check completion-value limits, occupancy and completion triggers, and lender requirements, as with any builders risk policy.
