Question regarding whether the vacancy exclusions apply to a building under renovation damaged during the period of construction.
July 15, 2019 at 05:00 AM
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Often we see in property extension endorsements coverage for Newly Acquired or Constructed Property. For Buildings, the policy’s covered causes of loss prevail for buildings built on the premises or on a newly acquired premises intended for similar use as described on the Declarations. I am confused as to how the common exclusions for vacancy (VMM, glass, theft, etc.) are addressed during the period of construction. Do those exclusions apply during construction, as the building is vacant during construction? If so, is the Builders Risk the better option rather than depending on the extension endorsement?
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