Dive summary:

• In New York City, where many renovations projects are going on at any given time along with new construction, builders' coverage for damage to buildings and materials may have to cover millions of dollars in losses.
• Each project that has had a loss will require sorting out what gets filed under which policy carried by which entity – builders, owners or others. No one knows yet how many claims there will be, but many brokers expect it to be a lot.
• One sticky area might be sorting out who pays for "soft cost" losses such as delayed building openings.

From the article:

Contractors and building owners may flood insurers with builders’ risk claims in the aftermath of Hurricane Sandy, but they haven’t started showing up yet, according to brokers. ...