There’s a building insurance known as Builder’s Risk or Course of Construction Insurance, and it does what it says on the box. It is property replacement insurance and it covers the risks that typically occur in the process of building. When things go wrong in construction, and they always do, this insurance has your back.
Here are 5 things you should know about Builder’s Risk.
This building insurance is customized for your project. It does not come in a standard form and our agents will tailor it for your business. This makes sense. No two projects are the same, and the coverage required will be different for each.
Construction sites are often targets for thieves.. A site has expensive equipment and tools with a good resale value. Copper wiring and other materials are valuable and fetch a good price. The theft of these things causes great inconvenience, and replacement costs can run into thousands of dollars. Many small contractors have not been able to recover from the loss of their equipment. This building insurance has you covered.
As mentioned, this is Course of Construction Insurance and it applies to the duration of the build. You can select the time period from a choice of 3 months, 6 months or 1 year. The policy commences at a particular date. If the project is a new build the policy can be valid from groundbreaking. Construction must be completed by the end date. It is possible to extend your coverage if your project is running over.
This building insurance can cover the whole project and all of its participants. An example of this would include the project owner, the general contractor, sub-contractors, the architect and engineer, the expediter, and the project lender. All of these parties have financial interest in the project. They will be paid for their work. In the event of a loss event, the policy pays out to the lien holder and the property replacement cost is drawn from there.
The removal of debris and/or decontamination can be a very expensive business. This is particularly true if there are hazardous materials such as asbestos. If a loss event for which you are covered occurs and you need debris removed as a result, your policy will pay these costs.
Building Insurance should be tailored for your project. You’ll get the best results with expert advice. Our agents at Builder’s Risk.net are knowledgeable about the construction industry. We’ll customize your policy so it works for you.
We shop around on your behalf and get you the right coverage for your project at the lowest cost. Speak with our agents. Call Builder’s Risk at 877 960 0221.