Who has the authority to cancel a builder's risk insurance policy?

The policyholder has the authority to cancel a builder's risk insurance policy because they are the one who entered into the contract with the insurance company to obtain coverage. As the one responsible for maintaining and managing the policy, the policyholder typically has the right to make decisions regarding its continuation or cancellation. This autonomy reflects the principle that the party who has procured the insurance should have control over the policy, including the authority to terminate it when necessary.

In contrast, the insurance agent acts as an intermediary but does not have the power to cancel the policy without the policyholder's consent. Likewise, the insurance company possesses the right to cancel a policy under certain circumstances, such as non-payment of premiums or other breaches of contract terms, but it does not hold unilateral authority to cancel the policy at will. The construction site manager, while important for overseeing the construction process, does not have any authority regarding the insurance policy directly tied to the coverage of the property being built.