Which property is covered under the AAIS Builders Risk Coverage Form?

The AAIS Builders Risk Coverage Form is specifically designed to provide insurance coverage for buildings under construction, renovation, or repair. One of the essential components of this coverage is the protection of materials intended for the building project. Therefore, materials in transit to the job site are covered under this form, as the insurance recognizes that these materials are a critical part of the construction process and their loss could significantly impact the project.

In contrast, land and existing buildings are not covered by a Builders Risk policy because the focus is solely on the construction project itself. Similarly, personal belongings of construction workers are typically not included in the coverage, as those items are considered personal property and not part of the construction project. Vehicles and watercraft also fall outside the scope of the Builders Risk Coverage Form, as these are normally insured under separate auto or marine insurance policies.

Hence, materials in transit represent an integral part of the construction project and are explicitly covered to ensure that the builder can complete the work without significant delays or financial loss due to unforeseen circumstances affecting those materials.