The mission of the Georgia School Boards Association is to ensure excellence in the governance of local school systems by providing leadership, advocacy and services, and by representing the collective resolve of Georgia’s elected boards of education.


Master Builder’s Risk Coverage

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The New Master Builder’s Risk Coverage program, part of the Risk Management Fund (RMF), provides member school districts a product aimed at meeting their need to insure their builder’s risk exposure when they are either renovating a building or building a new structure.

What is Builder’s Risk Coverage?

  • Covers property during the course of construction
  • Can be purchased by the building owner, contractor, or sub-contractor; anyone with an insurable interest in the project

When do you need it?

  • New buildings
  • Additions
  • Renovation

Program Benefits

  • Comprehensive Coverage – especially helpful on renovation projects where it covers the building and the renovation materials all under one policy
  • Simplified Premium – cost runs for the term of the project even when it runs over a July 1st renewal in the RMF.  If project runs over, Member simply notifies GSBA for an extension of coverage
  • Broad Coverage and Competitive Premiums
  • Coordination with GSBA RMF property coverage – coverage dovetails with existing property coverage

Coverage Details

  • On renovation and addition projects, coverage includes the full value of the building as well as for construction materials for renovation or new structure, so there is no dispute in terms of where coverage applies
  • Limit of $50 Million for new projects
  • Limit of $25 Million for renovation projects and $25 Million for existing buildings
  • RMF has underwriting authority with the following exceptions:
    tier one, building frames or joisted masonry structures, and projects requiring higher limits
  • Higher limits available upon request with underwriters’ approval
  • A Master Builders Risk program established by GSBA RMF with Chubb/ACE American Insurance Company in February 2018
  • By dealing with a division of Chubb with a builder’s risk specialty, coverage terms and conditions are very broad
  • Competitive Pricing
  • One premium quoted up front for the term of the project
  • RMF coverage runs through the term of the construction project irrespective of policy dates
  • Premium credit for the time period of renovation projects applied against the Builder’s Risk premium

How to apply?

  • Same GSBA 3-page application combined with CBIZ data (for renovation projects)
  • Quick turnaround on providing a pricing quote
  • Upon binding, certificates of coverage are issued to the Member on a per project basis
  • Full coverage moved to the New Master Builder’s Risk policy for the term of project
  • When complete, building will automatically return to the Member’s regular RMF property schedule

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Request a proposal or contact a Member Advocate in your area for more information.