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
Request a proposal or contact a Member Advocate in your area for more information.
- Ricky Brantley: rbrantley@gsba.com or 770-995-4369
- Lori Sours: lsours@gsba.com or 770-995-4376
- Roger Mathews: rmathews@gsba.com or 770-995-4383
- Mickey Key: mkey@gsba.com or 770-995-4374