What it does
IH 00 70 appears in carrier forms schedules as ISO's Builders Risk Coverage (Form). ISO's Mortgageholders endorsement (IH 99 14) lists the Builders Risk Coverage Form among the IH forms it modifies, giving mortgagees standard protections. As an inland marine form it insures the project under construction; ISO's commercial property program has a separate builders risk form (CP 00 20). ISO publishes this form in its IH series of commercial inland marine forms. IH forms are used within the Commercial Inland Marine Coverage Part, together with the Commercial Inland Marine Conditions (CM 00 01) and the Common Policy Conditions.
Who needs it
Project owners and contractors whose construction contracts require builders risk insurance, and lenders financing construction who must be protected as mortgageholders.
Quoting and selling notes
Ask for completed value, construction type, start and completion dates, whether existing buildings are involved (renovation), soft costs and delay in completion needs, and whose interest is insured (owner, contractor, subcontractors). Compare with the carrier's proprietary builders risk forms, which often include soft costs, testing and permission-to-occupy terms.
Before presenting it
ISO's IH forms are often adopted with carrier changes, and their wording differs from the filed CM forms. Obtain the carrier's specimen and walk the insured through covered property, property not covered, the exclusions, valuation, the deductible and any coinsurance or reporting condition, and match the limits to a current schedule of values.
