Builders Risk—Does Occupancy Equal Completion?

Q

Our insured had a completed value builders risk policy on a four-townhouse building under construction. Each of the townhouses was separated from the rest by a masonry fire wall extending to the roof rafters and each wall was higher than the roof of the next townhouse. The policy incorporates much of the ISO form CP 00 20 04 02, but uses the term “project” (defined as new buildings or new structures) rather than “building,” “structure,” or “property.”

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