Best Practices for Preventing Builders Risk Losses
Ensuring the prevention of builder's risk losses is crucial for the success and security of construction projects. Our recent webinar focused on best practices for underwriting, claim exposure, and loss control in builder's risk operations. Effective underwriting, thorough claims management, and comprehensive loss control measures are all essential components in mitigating risks and preventing significant losses. Join us as we explore the key takeaways from this informative event, designed to equip you with the knowledge needed to enhance your builder's risk operations.

Presenters
- Jared Bishop, Divisional Assistant Vice President of Loss Control at Great American Insurance Group, introduced the session and facilitated the discussions.
- Art Sieder, Divisional Vice President of Great American’s Property and Inland Marine Division, discussed underwriting considerations for builder's risk. He highlighted the importance of this line of business and outlined Great American’s efforts to improve product offerings.
- Matt Beaver, Senior Claim Manager at Great American Insurance Group, focused on best practices for reporting and managing claims in builder's risk.
- Shane Glodsby, Director of Loss Control at Great American Insurance Group, shared strategies for helping prevent builder's risk losses, including fire, water damage, and theft.
Key Insights and Takeaways
- Builder's Risk Underwriting Considerations
- Importance and Growth: Builder's risk is a leading line of business for the Property and Inland Marine Division at Great American Insurance Group.
- Product Improvement: Introduction of Cornerstone Complete, a comprehensive builder's risk product combining previous offerings.
- Detailed Submissions: Emphasis on providing detailed information to underwriters for better terms and quicker turnaround.
- Types of Claim Exposures and Best Practices for Preventing Them
- Fire Prevention: Managing portable heaters, hot work operations, and the proper disposal of oily rags.
- Water Damage Prevention: Regular site checks, use of water sensors, and the proper insulation of pipes.
- Theft Prevention: Use of surveillance cameras, security guards, and the proper storage of materials.
- Claims Reporting and Management
- Efficient Claims Process: The importance of quick reporting and detailed information for efficient claims handling.
- Customer Service Model: Great American aims to provide exceptional service with quick initial contact and thorough investigation.