Builders Risk Policy is a property insurance policy that is designed to protect property during the construction process. There is no single standard risk form for builders; most builder risk policies are written on forms for inland shipping (not for commercial properties). Insurance coverage is usually all-risk and generally covers not only property at the construction site, but also property in off-site storage areas and in transit. Builders’ risk insurance can be issued either on the basis of the completed cost or on the basis of the reporting form; in either case, the estimated completed cost of the project is used as the insurance limit.
Buildings and Personal Property Coverage form is the key form of Office Insurance Services, Inc. commercial property insurance. (ISO). This form (CP 00 10) applies to buildings, personal business property, and personal property of others in the event of direct loss or damage, subject to the limits specified on the declarations for each of these categories. Also provides additional coverages and coverage extensions, including: garbage disposal, contaminant cleanup, property preservation, fire service fees, construction cost increases, electronic data, newly acquired or built property, personal effects and personal property of others, outside premises. property, valuable documents and records, outdoor property and individual trailers not belonging to the owners.
The Building Code Performance Scorecard (BCEGS) is a scorecard developed by Insurance Office Services, Inc. (ISO), which categorizes communities according to the adequacy of their building codes and the effectiveness of building code enforcement. Communities are assigned a score ranging from 1 (indicating exemplary adherence to building codes) to 10. In states where all communities have been rated and have implemented the BCEGS system, the BCEGS score for the community in which the property is located is used in developing a surcharge for hurricane coverage and hail for buildings built during or after the year in which the community was classified. Community building code performance ratings are published in the ISO Public Protection Classification Guide.
Building Construction Categories (ISO) are building construction categories established by the Insurance Services Administration, Inc. (ISO) in the Commercial Lines Manual (CLM) for the purpose of developing commercial property insurance rates based on exposure to fire damage. The six categories of ISOCLM building structures and the corresponding ISO building codes, from the category with the least fire resistance to the category with the highest fire resistance, are as follows. *Frame Exterior walls made of wood, brick veneer, stone veneer, iron-clad wood, or stucco on wood. (Building code 1) * Beam masonry is an exterior wall made of stone material (adobe, brick, concrete, gypsum blocks, hollow concrete blocks, stone, tiles or similar materials) with a combustible floor and roof. (Building Code 2) * Non-combustible exterior walls, floors, and supports made of metal, asbestos, plaster, or other non-combustible materials. (Building Code 3) * Non-combustible masonry Same as beam masonry, except that the floors and roof are made of metal or other non-combustible materials. (Building Code 4) * Modified Fire Rating - Exterior walls, floors, and roof made of masonry or refractory material with a fire rating of at least 1 hour but less than 2 hours. (Building Code 5) * Fire-resistant exterior walls, floors, and roof made of brickwork or refractory materials with a fire rating of at least 2 hours. (Building Code 6) The American Association of Insurance Services (AAIS) uses nearly identical building construction categories in its commercial property insurance rate development materials for several of its programs.
Building Information Modeling (BIM) is an integrated technology for creating a three-dimensional digital model of the physical and functional aspects of a building from initial design to operation. Created and used by all project stakeholders, BIM allows a building to be built “virtually” using real data, allowing potential problems to be anticipated and avoided in order to increase efficiency and minimize waste.
Building Ordinance Coverage is coverage for losses caused by ordinances or laws that govern the construction and repair of damaged buildings. Damaged old structures may require electrical upgrades; heating, ventilation and air conditioning (HVAC); roofing materials; fences; and plumbing units based on area codes. Many communities have building ordinances requiring that a building that has been damaged to a certain extent (usually 50 percent) must be demolished and rebuilt to current building codes rather than simply repaired. Unapproved standard forms of commercial real estate insurance do not cover the loss of an intact part of a building, the cost of demolishing that undamaged part of a building, or the increased cost of restoring the entire structure to current building codes. However, coverage for these losses is widely available by endorsement. Standard homeowner policy includes a provision providing a limited amount (eg, 10 percent of the residential limit) of building ordinance coverage; this amount may be increased by endorsement.
A bulk carrier is a type of ship used to transport bulk cargo such as coal, ore, and grain. A bulk carrier can carry either dry cargo (eg grain) or wet cargo (eg oil). Most lakes are too small to accommodate mass vessels, but a large fleet of lake freighters have been operating in the Great Lakes and the St. Lawrence Seaway for over a century.
Volume reserves are the amount of reserves created using a formula or loss ratio, and not specifically defined reserves for a case. The insurer records the movement of losses in the aggregate for the period. Used with portfolio loss carry forward.
Bullying is a type of behavior in which one person harasses another person for a period of time in the workplace. Bullying is characterized by a pattern of deliberate, hurtful, and threatening behavior. Bullying can have two aspects: physical, such as intimidation with physical threats, pushing, shoving, and invading a person’s personal space; or psychological, such as emotional bullying that is mostly hidden, including jokes or initiation rites that can mask sadistic behavior. Employees who claim they have been bullied by other employees are increasingly suing employers. Bullying has become so commonplace that more than 30 states have passed anti-bullying laws.