Built Now Helps Lenders Catch Builder’s Risk Gaps Before They Delay Draws
Builders can also quote, purchase, and submit insurance coverage directly in Built, making it easier to keep construction projects moving.
By Thomas Schlegel, GM, Built
Finding out a builder’s risk policy has expired when you’re trying to approve a draw is a frustrating way to manage construction risk.
The lender needs updated coverage documentation. The builder needs to track it down or purchase a new policy. And what should be a routine step in funding a project can turn into another round of emails and delays.
We’re making that process easier.
Built now helps lenders identify missing builder’s risk documents and upcoming policy expirations across their active construction loans. And when a builder needs coverage, eligible builders can get a quote, purchase a policy, and submit the documentation without leaving Built.
For lenders, that means better visibility into insurance requirements and less time chasing paperwork. For builders, it means an easier way to meet those requirements and keep the funding process moving.
Why we’re bringing insurance into Built
Insurance is one of those things everyone needs, but nobody wants to spend more time or money managing than necessary.
A builder’s risk policy has to be in place before construction begins, and finding one with the right term duration, coverage amount, and the lender listed correctly can be a pain. As schedules shift and coverage expires, lenders have to track changing requirements across hundreds or thousands of loans, often with information spread across different systems.
Built helps close that gap by giving eligible builders access to builder’s risk policies with better pricing and terms, including coverage duration that better fits the project. Lenders get clearer visibility into compliance gaps, while builders can get coverage and submit documentation in one place, making it easier to keep construction moving.
Built already helps lenders manage construction loans, track project progress, and collaborate with builders. Adding insurance capabilities means customers can handle more of that work in one place.
It’s also part of how we’re expanding the services available through Built. Alongside inspections, plan and cost reviews, and other services, insurance is another way we can help customers manage the work surrounding a construction loan.
Starting with builder’s risk
Our initial insurance offering, powered by Vertical Insure, streamlines obtaining and submitting builder’s risk policies.
Available directly through Built’s borrower portal, the experience uses existing project information to give builders access to quotes with minimal additional effort. Whether builders buy a policy through Built or upload one they already have, it’s automatically stored, tracked and shared with the lender.
For us, the goal is straightforward: help lenders catch potential insurance issues earlier, make it easier for builders to address them, and reduce the administrative work that gets in the way of funding construction.
Learn more about insurance in Built at getbuilt.com.