Choosing Between Chubb and Accola Builders Risk Insurance Fontana
If you’re looking for a builders risk insurance policy that covers the whole of the construction project, you’ve probably noticed the many options available. Chubb’s general builder’s risk policy is a good choice, while Accola offers a course of construction policy. However, whether or not your project requires the services of a builders risk insurance company depends on the type of coverage you need. In this article, we will discuss the benefits of both policies and how they can protect your project.
Chubb’s general builder’s risk policy
In the Fontana case, a jury found that the fire loss was not covered by Assurance’s property insurance policy. After considering the facts of the case, the jury concluded that Chubb’s policy “applied” to the facts of the case. This conclusion was reversed by the Fontana Supreme Court, which ruled that the Chubb policy did not apply to the Fontana builder’s risk policy.
James and Suzy Accola, who had purchased a homeowners policy from Chubb, were covered by their insurance policy. The house was insured up to a limit of $2 million, but the contents were insured for $1 million. When fire struck the house, the insureds received a check for $1.5 million. Neither Accola nor Accola owned the property at the time of the fire, so the claim was unjustified.
The Fontana Builders, Inc. purchased a builders risk policy as the project neared completion. The resulting lawsuit resulted in a payout of $1.495 million. However, a builder’s risk policy does not protect the value of the home until it is complete. As such, an insurance policy will only cover the value of the completed property. If the policy is not used, the insured may not receive enough coverage to pay for the damage.
Accola’s course of construction policy
If you are considering taking out a Builder’s Risk Insurance policy, consider the benefits of a course of construction policy. These policies provide protection for both the builder and the property owner. With this coverage, you can rest easy knowing that if something unfortunate happens to your property, you’ll be able to rebuild it or start over without having to worry about the financial burden. But what exactly is a course of construction policy?