Change Order Endorsements
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Change Order Endorsements
Change is inevitable during construction projects. And when it happens, your insurance needs to adapt with it. A Change Order Endorsement is an essential tool that allows you to cover these adjustments made to the original scope of work or project costs. Without this endorsement, you could face financial exposure from modifications not covered by your existing policy.
What Is A Contract Change Order?
A contract change order is a formal amendment to the original construction contract. It typically involves changes to the project’s scope, timeline, or cost. Whether due to unforeseen circumstances, design modifications, or client requests, a change order is a legally binding document that updates the agreement between all parties involved.
Change orders often include:
- Alterations to project scope
- Adjustments to material or labor costs
- Timeline extensions or reductions
- Modifications to design or construction plans
Why Is It Important?
Change orders can significantly impact the overall cost and timeline of your project. Without proper documentation and insurance protection, these commonly occurring changes may lead to disputes, delays, or unexpected financial strain. Change Order Endorsements ensure that modifications to your construction contract are covered, protecting you from unforeseen liabilities and expenses.
Contract Change Order Examples
To better understand how change orders work, here are a few examples of when they may be necessary:
How To Create A Change Order
To ensure your project is fully protected, it's important to take steps to address potential coverage gaps in your Builders Risk policy. Here’s how you can protect your project against these risks:
Get A Change Order Endorsement
If you want to add a Change Order Endorsement to your Builders Risk Policy, we encourage you to get quotes from our experienced agents.
Our experienced agents are well-versed in construction projects and what can happen to delay your project. After understanding your building project, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.
We provide the finest comprehensive plans for your business by providing:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
