Building Under Construction Insurance
Builder’s Risk insurance is also called Course of Construction Insurance. This coverage is for a specific construction project. Owners, property developers and General Contractors will invest in this project-specific insurance.
In other words, insurance for a building under construction is not the same as general liability insurance. Why? Because it does not include coverage for third-party damages.
5 Top Builder’s Risk benefits
Here are some of the features of Course of Construction coverage:
- It covers a specific project
- It protects against theft, vandalism, flood and weather damage.
- There is no coverage for liability claims
- It does not include Workers Compensation
- You get coverage for theft and vandalism.
So, find out more from the Builder’s Risk Insurance blog.
December 21, 2022
Clients do research before they hire a contractor. They compare prices, check the authenticity of the contractors, and negotiate the best rates. As a contractor, are you prepared with the answers that will get you the job? So, what are clients looking for? In this article, we will look at five things that clients look for before hiring a contractor.
July 27, 2022
It is difficult for companies and general contractors to work without general property insurance. General Liability insurance coverage defends your business from a wide range of […]
December 1, 2021
Is Builder’s Risk Insurance for roofers? Or does the insurance coverage only apply to general contractors, electricians, painters or plumbers? In the construction industry where risks are inevitable, falls from roofing projects account for one third of all construction fatalities. And so, whether you are just starting, or you have an ongoing roofing project, there is always the need for you to have insurance coverage to help you ease financial burdens that come as a result of unexpected risks.
November 30, 2021
Builder’s Risk insurance for homeowners will give you protection for as little as 1% of the construction costs. A small price to pay for a huge […]
November 2, 2021
Did you know that 50% of all contractors experience theft of some kind? Florida, Texas, and California are among the top 10 states with the highest rates. But, this doesn’t mean you won’t get hit if you operate your roofing contractor business elsewhere According to the National Equipment Register, job site theft costs the industry almost $1 billion each year. It comes as no surprise that 90% of thefts occur between 6 p.m. Friday and 6 a.m. Monday morning. Does this mean your equipment and tools are safe?
October 28, 2021
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.
October 28, 2021
How can you reduce your financial risk as a framing contractor? When you are fronting almost 18% of the overall building cost, you have a right to be nervous. Can Builder’s Risk Insurance take some of the stress off your business? Builder’s Risk Insurance is a policy that protects a contractor’s interests when working on building projects – whether buildings are being made or renovated. It is used by contractors to ensure that they’re covered in case of any loss in building materials or equipment – or even labor used and profits lost!
October 27, 2021
During the construction of a commercial building or a home, anything can happen. Buildings under construction can be vulnerable to a fire breaking out. There are many factors that can cause these fires, such as torches, soldering irons, welding machines, grinders, or heating elements. Fires often happen to a new build due to several of these things, but what’s the solution if a fire does happen?
October 4, 2021
Course of construction, more commonly known as a builder’s risk policy, is an insurance policy protecting the materials and equipment that will be permanently installed at a new construction or renovation. Should something happen on your job site, having this policy on hand is the best way to make sure that the general contractor, the business owner, the property owner, and any other invested parties are covered from losses. The business owner or client will often require builder’s risk as a safety precaution, so be sure to account for this insurance policy within your construction budget.
October 4, 2021
Business owners in construction must purchase several insurance policies to ensure that their business, and its clients, are protected from harm. As such, understanding the importance and distinctions between insurance policy types can be a game saver in the long run. In a general contractor‘s life, whether a small business owner or large, you will often find general liability insurance, builders risk insurance, property insurance, workers compensation, and more.
October 4, 2021
Builder’s risk insurance, also known as course of construction, is a type of property insurance. It’s a bit unique in that it covers the area of a construction project whether new construction or renovation. In some cases, it will just cover the structure, while in others, it will also cover the materials that are on site and waiting to be installed or transported. Most building owners will ask that a builder carry this to protect both parties.
October 1, 2021
When it comes to construction projects, Builder’s Risk Insurance is one of the most important pieces of the puzzle that often goes overlooked. Builder’s Risk insurance […]
October 1, 2021
Learn how to shop for Builders Risk Insurance and get the best value for your money while knowing exactly what you have coverage for. Understanding Builders […]
October 1, 2021
Learn how much to insure your project on your builders risk insurance policy. Not insuring your project to the correct amount can end up being a huge cost in the event of a claim.
September 28, 2020
Property damage is part of working in construction. So, for protection against the resulting financial loss, contractors need insurance. Unfortunately, not all insurance is created equal. […]
