Advice on Builder’s Risk Insurance from a Preferred Insurance Company

A preferred insurance company that knows the ins and outs of Builder’s Risk insurance will give you the best advice every time. We have, therefore, we will make sure you get the right coverage for your project.  At Builder’s Risk.net we think you should know the following about Builder’s Risk Insurance.

1. What is it For?

Builder’s Risk insurance covers construction projects in progress.  For this reason it is also known as Course of Construction Insurance.  It is specialized coverage as it only applies to certain types of construction projects.  These include:

•  the construction of a new building – be it a home, commercial building, or housing development
• the refurbishment or renovation of an existing building, such as the renovation of a bathroom or kitchen
• The restructuring of an existing building, such as the reinforcement of foundations or the addition of a mezzanine level.

2. A Policy Has a Time Limit

Builder’s Risk Insurance has a time period.  A policy is generally for 3, 6 or 12 months.  Your construction must fall within this period.  As such, if you are building a new building, the policy can start with the breaking of ground. Once the building is complete and is ready for occupation, you need to replace it with property insurance.  Furthermore, if building is delayed, speak with your agent to confirm if your policy can be extended.

3. Who On The Project should Buy A Builder’s Risk Policy?

As a preferred  insurance company we know it is necessary to get a single Builder’s Risk Policy to cover the whole project.  Typically the general contractor or developer will purchase the policy.  It will then provide coverage for all the participants in the project that have a vested financial interest.

4. What Protection Does A Builder’s Risk Policy Provide

It is important to tailor a policy for your particular project. As a preferred  insurance company we can provide you with the right coverage for your project. In general it should protect your property, materials and equipment from fire, theft, vandalism and adverse weather.  These are common perils on a construction project.

You can also include other coverage if it is relevant for you.  For example this could be for the storage of expensive equipment off site, or for the protection of scaffolding on site.

5. A Policy Can Have Exclusions

This insurance is very customizable. It may exclude some loss events like wind, flooding, or earthquakes.  This will be clearly stated in the policy as an exclusion.  If your project is exposed to this kind of risk, speak with your agent to make sure you have the right coverage.

Builder’s Risk.net is the preferred insurance company 

Builder’s Risk.net has been operating for more than 20 years. We are experts in the industry.  Builder’s Risk Insurance is our area of specialization.  Let us write you a policy that gives you the right coverage for your project.  We represent many regional and national A-class carriers. We will get you what you need at the lowest rate.  Call Call Builder’s Risk at 877 960 0221