Builders Risk Coverage and the Meaning of “Completion”

Most builders risk policies have a condition, among others, that states coverage will end when the building or structure has been completed for more than ninety days. The policy, however, does not define “completed.” A homebuilder could build a home and have it completed except for minor items such as door or cabinet knobs, or the like, which need to be picked out by the eventual homebuyer. At what point is a building or structure considered to be completed?

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