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Message
Construction Estimators: Need a little help figuring Builders Risk
Posted on 12/30/16 at 9:40 am
Posted on 12/30/16 at 9:40 am
I'm trying to set up an estimate template for commercial construction projects, how do you estimate cost for builders risk insurance? Or do you just contact your insurance provider for every estimate?
I already have formula for sales tax, labor burden, general liability, and permit set up. My last piece of the puzzle is builders risk insurance.
Any advice or a point in the right direction would be greatly appreciated.
I already have formula for sales tax, labor burden, general liability, and permit set up. My last piece of the puzzle is builders risk insurance.
Any advice or a point in the right direction would be greatly appreciated.
12
Posted on 12/30/16 at 9:42 am to Emteein
Going to have to be more specific on the types of projects. It varies based on the building.
Posted on 12/30/16 at 9:44 am to Emteein
quote:
just contact your insurance provider for every estimate?
how the hell does your insurance guy know the replacement cost of something you are building?
Posted on 12/30/16 at 9:48 am to Emteein
quote:
I already have formula for sales tax, labor burden, general liability, and permit set up. My last piece of the puzzle is builders risk insurance.
Me thinks you have a few more pieces of the puzzle, Kimosabe.
Posted on 12/30/16 at 9:52 am to baseballmind1212
quote:
Going to have to be more specific on the types of projects. It varies based on the building.
typically tenant build outs, single story, metal studs, non combustibles. Occasionally ground up commercial construction. Nothing too large, typically under $1 million.
Obviously I'm not trying to get exact, I'm just trying to make sure I have enough for builders risk insurance coverage
Posted on 12/30/16 at 9:53 am to Emteein
Make friends with someone in the biz and he/she should be able to give you a round about figure for the rates on a few companies assuming most of the project tend to be similar in nature.
Posted on 12/30/16 at 10:06 am to Emteein
how are you capable of quoting projects yet not know a replacement cost project of said project?
Posted on 12/30/16 at 10:15 am to Emteein
Builders Risk is typically on a per project basis so you will need to get a quote for each job. Your agent will have a form for you to fill out but if you are typically under 1 mm the you will likely always pay the min policy rate.
Posted on 12/30/16 at 10:31 am to Emteein
ten the4 builder's risk is carried by the owner. Often there is a deductible.
You need to attack builder's risk on a project by project basis, and in the event you elect to cover the deducted amount, you need to decide that for yourself.
You need to attack builder's risk on a project by project basis, and in the event you elect to cover the deducted amount, you need to decide that for yourself.
Posted on 12/30/16 at 10:32 am to Emteein
The cost always changes based on many variables...cost of contract, building type, location, materials, roof systems, etc...
For pricing, we usually exclude builder's risk because in my line of work the owner usually carries this insurance. We may have a deductible by back policy or are forced to carry it. Regardless, We get a quote.
If you really want to estimate this yourself, then our old rule of thumb use to be 16 cents per $100 of construction cost. So on a million dollar project you should carry $1,600 as an estimate.
Hope that helps.
For pricing, we usually exclude builder's risk because in my line of work the owner usually carries this insurance. We may have a deductible by back policy or are forced to carry it. Regardless, We get a quote.
If you really want to estimate this yourself, then our old rule of thumb use to be 16 cents per $100 of construction cost. So on a million dollar project you should carry $1,600 as an estimate.
Hope that helps.
Posted on 12/30/16 at 10:38 am to Emteein
Walk down the hall to your CFO and let him figure it out.
Posted on 12/30/16 at 10:42 am to Emteein
i just came up with a 31 cent rate for east baton rouge parish, non combustible commercial new construction.
construction cost x .0031= premium
you're welcome. could be lowered or raised with a higher deductible and other things.
subject to $375 minimum
construction cost x .0031= premium
you're welcome. could be lowered or raised with a higher deductible and other things.
subject to $375 minimum
This post was edited on 12/30/16 at 10:50 am
Posted on 12/30/16 at 11:09 am to Trauma14
quote:
Trauma14
Thanks for the info
Posted on 12/30/16 at 12:04 pm to Emteein
Are you using Excel? I'd be interested in seeing your template if you are willing to share.
Posted on 12/30/16 at 12:29 pm to pigpickin
Yes, I have a front sheet with line items for each scope, that totals everything in the bottom. It's based off of an excel work sheet that my old company used to use before they switched to timberline estimating software, I had to build it from memeory. Te old work book had a formula for builders risk but I couldn't recall the numbers. each line item on the front sheet has a corresponding back sheet where all the quantity take offs and unit pricing is figured.
Posted on 12/30/16 at 1:01 pm to Emteein
Just have the owner provide it.
Posted on 12/30/16 at 1:04 pm to Emteein
quote:
My last piece of the puzzle is builders risk insurance.
Do you always work in the same geographic area?
Does the owner require flood coverage?
Your agent should be able to put together a reporting form if you will always have the same basic needs and the job values dont vary wildly.
for example $2,000,000 per occurrence and $4,000,000 aggregate.
Nobody can give you a rate without knowing location information and max values at risk.
Posted on 12/30/16 at 1:07 pm to doubleb
quote:
You need to attack builder's risk on a project by project basis
not on smaller jobs. if you are bidding a $25,000,000 school yea. but if you are doing small jobs frequently a reporting form is absolutely the best way to go.
Posted on 12/30/16 at 1:09 pm to Chad504boy
quote:
i just came up with a 31 cent rate for east baton rouge parish, non combustible commercial new construction.
construction cost x .0031= premium
you're welcome. could be lowered or raised with a higher deductible and other things.
subject to $375 minimum
good god you are the worst. very little information provided yet you spit out a rate. unfrickingbelievable Chad.
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