Press Release

New Builders Risk Insurance Book Published by IRMI

Dallas, TX, October 27, 2010—Builders risk insurance is the backbone of every construction project’s insurance program. Without it, lenders would not lend, builders would not build, and owners would not own. It provides a means for funding at a very critical juncture in a project: the time an accident causes damage that must be quickly rectified for the project to continue on time and on budget.

With so much at stake, those who develop, underwrite, sell, and purchase builders risk policies need authoritative resources to guide them in structuring the coverages that adequately respond to stakeholders’ needs. To meet this need, International Risk management Institute, Inc. (IRMI), is proud to announce publication of The Builders Risk Book. This new book provides an understanding of the laws governing builders risk insurance, knowledge of the risk exposures and contract requirements that must be satisfied, and specific advice for structuring the best coverage terms.

Written by highly regarded insurance experts, it provides key insight and practical guidance into a number of cutting-edge areas, such as delay coverage and green construction, that are barely touched by most other publications. Helpful all the way from groundbreaking through final closeout of the project and beyond, The Builders Risk Book also offers a myriad of suggestions for avoiding the pitfalls experienced by others, based on the authors’ analyses of well over 100 cases (cited in the book), and their own personal experience.

The authors are Steven A. Coombs, CPCU, ARM, and Donald S. Malecki, CPCU. Mr. Coombs is president of Risk Resources, a risk management and insurance consulting firm. Mr. Malecki is an insurance consultant, expert witness, and author of many books on insurance, including The Additional Insured Book. With combined business experience of over 80 years, they have been—and continue to be—heavily involved in pre-loss and post-loss consulting work involving builders risk insurance, installation floaters, and commercial property policies that include course of construction and other construction-related coverages. Both authors have backgrounds in underwriting are research buffs with a burning desire to learn, and convey, all that is possible about various aspects of insurance and risk management.

"Steve and Don made impressive use of their expertise in researching and writing The Builders Risk Book, filling a real need for a comprehensive source of information focused on this important topic," said Jack P. Gibson, CPCU, ARM, CRIS, president of IRMI. "These policies are highly complex, and there is no standard form used consistently by insurers to cover larger projects. This thoroughly researched and well-written treatise will help risk professionals avoid the costly mistakes that are so easily made by those with limited knowledge of this complicated insurance."

The Builders Risk Book is now available in print format for $139 and, for IRMI Online access, $69.50 for individuals or $139 for small businesses. For more information about the book, visit https://www.irmi.com/products/the-builders-risk-book or call 1–800–827–4242.