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.
The 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?
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
Projects are classified into one of three categories:
Light Renovation—typically painting, flooring, lighting, HVAC modifications, etc.
Heavy Renovation—projects will be quoted/underwritten on an individual basis. typically would last greater than 12 months; Examples are: roof replacements, adding square footage, etc.
New Construction—projects will be quoted/covered by GSBA-RMF as long as they project is below $50 million
Limit of $50 Million for new projects
Limit of $50 Million for renovation projects
Higher limits available upon request with underwriters’ approval
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