Our contract with our customers requires the customer to carry builders risk to protect the project rather than our company carrying the policy and charging the customer for the cost. In general we do this because we run more than 100 active projects at any given time and that's a lot of policies to manage. We will provide the policy when asked but in general push off the policy and expense to the customer. We're a GC/CM doing about $150m/year.
I'm curious what would be considered "industry standard". Is it common for the customer (the one we builder for) to carry the policy?
Similarly, is anyone aware of any "blanket policies" that are not project specific but provide coverage to all projects?
Thanks in advance,
michael
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Michael Preyss
Chief Financial Officer
Garmong Construction Services
Indianapolis IN
(317) 682-1001
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