The purpose of insurance is to pass the risk of financial loss onto a third-party, and this is exactly what Builder’s Risk does. So what are the top benefits of Builder’s Risk Insurance?

Also known as course of construction coverage, this kind of insurance is project-specific. In other words, a General Contractor or a Property Owner will take out a different policy for each project. Why? Unlike Liability insurance which protects against financial loss as a result of a third-party claim, Builder’s Risk protects the insured’s investment.

Top benefits of Builder’s Risk

So, you will get property replacement compensation for damage to the structure you are building, remodelling or renovating. The cause of the damage will depend on your policy and can include: vandalism, theft, fire, flood.

You also get coverage for financial loss as a result of delays in your project. This can include penalties. The cause can be changes in building ordnance, or design changes.

Other benefits of Builder’s Risk insurance include coverage for:

  • The foundation of a constructed structure
  • Equipment, machinery and tools
  • Underground plumbing
  • Temporary structures used for the project (like scaffolding)
  • Building materials damaged or stolen from the site, temporary storage or in transit.

For more information about the benefits of Builder’s Risk insurance, call the experts at (877) 960 0221. We’re here to help.

 

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