Course of Construction Insurance is also known as Builder’s Risk Insurance. It is property coverage and provides protection for your building and equipment during construction. General Liability is for a very different purpose. It covers you for claims for damages from a client or third party. As each gives you coverage for different things, the ideal situation is to have both.
Let’s look at the details of what these insurance types provide.
Accidents happen on building sites, even on those that follow the most rigorous of safety standards. An accident can result in you being sued for damages.
General Liability covers you for the following types of damages:
There are also exclusions to General Liability Insurance, such as intentional damage, illegal activity, and damages as a result of your poor workmanship. Injury to an employee is also excluded and is by Workers Compensation.
General liability is mandatory in almost all States, as is Workers Compensation.
This insurance is property replacement coverage. It is specialized coverage available for certain types of construction projects. This includes the refurbishment, renovation or restructuring of an existing building. It is also applicable to the construction of new buildings. It typically covers all the participants in a project.
Course of Construction Insurance is tailored for each policy according to the needs of the project. Some examples of the coverage that can be included are:
This is not an exhaustive list. Your policy should include coverage for the risks your unique project is exposed to.
Course of Construction Insurance is not mandatory but it provides very valuable coverage. It closes many of the gaps not covered by General Liability and Workers Compensation. At Builder’s Risk.net our agents are experts and will write you a policy for your unique project. Call Builder’s Risk at 877 960 0221.