Builder’s Risk Insurance is just another name for Course of Construction Insurance. It’s things like this that explain why so many contractors are confused by insurance.
What contractors across the US are certain of, however, is that theft of construction equipment is on the rise.
The National Equipment Register (NER) collects crime stats. Their 2019 report puts the loss value of construction equipment at $1,325,000. Forklifts, generators, compressors, welders, and excavators make the top 10 list.
Does this mean it’s just a matter of time before you are a victim of crime? Some people are just lucky. Other people make sure they’re lucky by being prepared for things that could go wrong. Is Builder’s Risk Insurance part of this preparation? Let’s find out.
What Is Builder’s Risk Insurance? Here is a handy guide to explain what Builder’s Risk Insurance covers.
So, know we know Builder’s Risk Insurance and Course of Construction Insurance are just two names for the same policy. Let’s look at exactly how this policy protects your business.
Builder’s Risk covers your insurable interests. Coverage includes damage sustained to work tools and lost or stolen materials used onsite. And you’re protected until the project is completed, usually within 12 months.
Builder’s Risk Insurance also protects against weather and water damage, mechanical breakdown, and theft. In some cases, a policy can be extended to cover debris removal and temporary structures.
As you can see, Builder’s Risk Insurance or Course of Construction Insurance play a crucial role within the construction industry in protecting your business.
The Builder’s Risk can cover much more than you know, including the following:
Builder’s Risk Insurance should be active before work begins. And, your policy should be in place before you move materials and tools onto the site. This way, all supplies are covered. Should something happen before your insurance is in place you’ll be left-of-pocket. Usually, your policy ends when the work is finished. Some policies will remain active up until the time when an occupant is in place.
You work in a demanding industry. You do what you can to ensure nothing goes wrong, but it doesn’t stop incidents from happening. With Builder’s Risk Insurance, you can ensure your tools and materials are covered. Let us help you find the right insurance. Call us at (877) 960 0221 and get a FREE quote.