Reporting And Payment Options: Single Shot Policy

A single shot policy means that each start has its own separate Builders Risk policy with a policy term of one year.

A single shot policy is best for builders with 5 or less starts a year, remodelers, and commercial contractors.

The advantage of the single shot is that there are no volume commitments in terms of the number of starts that you must have to qualify with the insurance company.

The disadvantages of the single shot is that there is no premium returned if you sell the start before the end of your one year policy term.

And it involves the greatest amount of administrative hassle. In other words, every time you have a new start, you must play communication tag with your agent to get a quote and bind coverage.