Kurt Colden, assistant vice president and account executive for insurance-broker Lockton, notes that builders' risk policies are often heavily manuscript and allow for extensive discussions over the placement.

Dan Brimer, brokerage manager in St. Louis for the excess-and-surplus lines broker Burns & Wilcox, says that some of those terms and conditions might include coverage of soft costs, such as delays in construction, additional professional fees, lease-administration costs and extension of time to complete the project. 

The definition of flood is another issue that is open to a wide range of interpretation among underwriters, notes Claudia Hrody, director of marketing for insurance broker Hub International Scheer's operation in Westmont, Ill.

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