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.
It’s easy to see why this is an important coverage type, if you think about it from the perspective of the business owner. Thinking from their perspective will also help better understand the policy language and obtain the best insurance policy possible. In your construction contract, there should be information about the required types of insurances as well as any additional insured that should be on them.
For the most part, this section will be all you need to obtain construction insurance and start the job. In other cases, the insurance company can walk you through the process by hand. However, there are times when you will need help getting a builder’s risk insurance policy. Today, we are giving you five steps to ensure that you get there on time and within budget.