Building under construction insurance provides coverage for the theft of tools and equipment from your site. Theft on building sites is very common. It is estimated that between $300 million and $1 billion worth of tools and equipment is stolen every year. Only 25% of this is ever recovered!
It’s a Monday morning and you are ready to take on a busy week on the new building project. Your team is ready and everyone knows what they need to do. And then you discover you are missing several expensive power tools, dozens of bags of cement, some wheelbarrows and all your ladders. Now what?
No building under construction insurance? Then you are facing some significant expenses that you will have to pay for yourself. As a small contractor it could put you out of work for a while. For bigger companies it is going to eat into your profits.
It’s annoying that this has happened, of course! But you know that the replacement cost is covered by your building under construction insurance. You call your agent at Builder’s Risk.net and take it from there. Simple.
Apart from the inconvenience and possible delays, the theft of tools and equipment can run into thousands of dollars. Building under construction insurance gives you protection when you need it.
Building under construction insurance is called Builder’s Risk. Theft is not the only risk that a Builder’s Risk Insurance policy can cover. A Builder’s Risk Insurance policy should be tailored for you. You include coverage for the risks your business typically faces on your building projects.
Some of the risks that can be included in a Builder’s Risk Insurance policy include:
Not all of the available items will be relevant to your building under construction insurance. Some things will not be standard in a policy or automatically included. Some policies don’t include theft coverage for example, and this needs to be specifically added.
An expert agent at Builder’s Risk.net will talk you through the different policy options. Some items are standard in the policy, and others can be added by endorsement. There are also some exclusions that our professional agents will make you aware of.
We have been operating for more than 20 years and have the knowledge and experience to assist you. Builders Risk.net represents many Class-A companies and we can get you a quote within an hour. Speak to one of our consultants at 877 960 0221. Don’t let theft of tools ruin your business.