Question

The Builders Risks Reporting Form insures a building under construction for:

a. Its completed value.
b. 10% of its completed value during the entire construction period.
c. An amount which increases at intervals to correspond with the increasing value of the building.
d. Its completed value, but at a reduced rate.

Answer 1

The Builders Risks Reporting Form insures a building under construction for an amount which increases at intervals to match the increasing value as the project progresses.

Step-by-step explanation:

The Builders Risks Reporting Form is typically a coverage utilized in insurance policies to ensure that a building under construction is insured for an appropriate value as the project progresses. The correct answer to what this form insures a building for is: c. An amount which increases at intervals to correspond with the increasing value of the building. This form allows the policyholder to report the value of the construction project at regular intervals, usually monthly, to the insurer, so that the insurance coverage can be adjusted in accordance with the increasing value of the uncompleted structure.