Anyone have one handy

Please check to see if theft is excluded

I think this is a form used in North Carolina:

http://www.eqgroup.com/Pdf/Zurich_Builders_Risk-form.pdf  

on this form it is covered unless it is excluded; dishonest/criminal acts [theft] by insured, employees etc are excluded from coverage

"theft by employees is not covered"

also "mysterious disappearance", shortage discovered on taking inventory not covered...

can you provide the form number??

Leland is correct, if you are working on a Zurich loss.  They are a major major builders risk writer, so chances are you may have your answer.  As always, check with the assigning examiner.  If the loss was reported as a theft, and you weren't advised any differently you can assume there is coverage.  Otherwise they should have advised that a non-waiver be taken, or that they were sending a ROR letter.  If your email is listed here, I am going to send you some add'l info.  Otherwise, please send me one at kunzemike@yahoo.com, and I'll reply. 

from some insurance conference:

"Builder’s risk coverage may be provided in a wide variety of forms other than through a tradition-
al “builder’s risk” form. Builder’s risk coverage may also be provided in an (1) installation floater
policy; (2) commercial inland marine policy; (3) transportation policy; (4) an extension to stan-
dard fire insurance policy; and in (5) a manuscript policy. There are significant differences in the
scope of coverage provided in the various policy forms available for purchase. Understanding the
significance of language differences is critical in making informed decisions procuring builder’s
risk coverage. The predominant form of builder’s risk coverage in the construction industry is “all
risk” insurance. "


Here's the link to the whole report:

http://www.irmi.com/Conferences/Crc/Handouts/Crc23/Workshops/ComplexIssuesInBuildersRiskClaims.pdf  

Most builders/agents/brokers use the inland marine forms instead of the fire forms, thankfully. Many of the theft claims have warranty clauses, vacancy, night watchman , lock fence % of completing etc. I would ask for the whole policy OR ask the carrier if the first notice of loss report is a COVERED LOSS, if not send a ROR or Non Waiver.

It seems about 50% of all builders risk losses are theft of some type and the other 50% are caused by vandels like destruction, pipe breakage-flooding, fires. Copper theft is very very large part of these losses.

The Inland Marine form is what I'm most familiar with.  It's kind of an odd animal, all risk, and not confined to new construction.  It's placed on existing structures being remodeled as well.  That's where the claim handling can get a little tricky, if the loss occurs to part of the structure that is not being remodeled.  Another thing is the coverage for landscaping, paving, etc., (as long as they have been installed by the insured, and were not existing items).  Same goes for building materials intransit.  And there may be coinsurance requirements, but at the same time the coinsurance may be waived if the loss does not exceed a specific threshold of $25K for example.  So, an insured could insure a $100K project for just $25K, and if the loss was $24,999 there would be no coinsurance penalty.  Doesn't seem right, but that's how you have to handle it.   These type of losses really need to be inspected & estimated with all the coverage information available.  Occupancy is also another big issue.  I've seen losses reported under BR policies, and the dwellings have been occupied for years with no renovations taking place or even planned.  Makes you wonder about the agent that wrote that policy.  A BR policy generally has a limit of 1 or 2 years duration, but an agent will roll it back & forth to a different carrier.

An IA inexperienced at handling BR losses can be at a real disadvantage without support and direction from the carrier examiner.     

Some builders risk claims are very interesting and seem to be more of a liability claim, but are really a property claim just because any structure under construction has some very unexpected unintened losses.

Three come to mind that were in the million plus range. A 500 room hotel had individual room AC air handlers in each bedroom under the picture window to the exterior atrim or parking lot. The chill water system was hydrostatic tested for leaks for two days. During the last day a Texas Blue Norther hit and broke all the copper u turn ends in all the coils in the room units that were being tested , a total of about 25,000. It would take the manufactor about 9 months to reship all new units. The decision was made to rebend, then split the U as only the outside was need, to make repairs and then weld all 25,000 patches into place. Cost about $500,000. forty years ago.

A chemical plant in Texas needed an upgrade cat cracker (metal tower 110 long-this one) installed in the middle of the complex. It would take several of the largest cranes in the world to travel OVER all the other metal on the ground and then stand erect about 100 feet from one edge and 300 feet from the road. The builders risk coverage was 36 million.  The object was 4 million, the resulting damage for a fall was 20 million, the cost of erection was 6 million, the clean up cost was 3 million, and the contigency cost of product delivery was 3 million...... and the darn thing fell and it cost the underwriters about 17 million.

Pennzoil Tower in Houston had to rent ever pump it could find to keep concrete floors from collapse while under construction during a freak rainstorm and drywall placed on the bare floors, trapping the fallout like a dam on the outside perimeter. Extra expense about 1 million.

Thanks for the comments

I am specifically looking for a NC Allstate Builders Risk
 

The contractor states that the Allstate Builders risk excludes theft. In this case its appx 1500 feet of wiring installed in a 4000 roughed in dwelling.

Maybe I'm just dense, but won't the carrier tell you and supply the policy language?  If they expect you to handle the loss, shouldn't they share the coverage info?  

I never said I was handling the loss.