January 14, 2024
Also known as Course of Construction, a Builder’s Risk policy provides you with unique property insurance coverage. The policy not only covers the building under construction but the […]
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.
January 14, 2024
Builder’s risk insurance, also known as course of construction, is a type of property insurance. It’s a bit unique in that it covers the area of a construction project whether new construction or renovation. In some cases, it will just cover the structure, while in others, it will also cover the materials that are on site and waiting to be installed or transported. Most building owners will ask that a builder carry this to protect both parties.
January 11, 2024
Are you familiar with Builder’s Risk Insurance yet? This is a type of insurance for your small contractor business. In this article, we’ll look at why […]
December 21, 2022
Clients do research before they hire a contractor. They compare prices, check the authenticity of the contractors, and negotiate the best rates. As a contractor, are you prepared with the answers that will get you the job?
So, what are clients looking for? In this article, we will look at five things that clients look for before hiring a contractor.
July 27, 2022
It is difficult for companies and general contractors to work without general property insurance. General Liability insurance coverage defends your business from a wide range of […]
December 1, 2021
Is Builder’s Risk Insurance for roofers? Or does the insurance coverage only apply to general contractors, electricians, painters or plumbers? In the construction industry where risks are inevitable, falls from roofing projects account for one third of all construction fatalities.
And so, whether you are just starting, or you have an ongoing roofing project, there is always the need for you to have insurance coverage to help you ease financial burdens that come as a result of unexpected risks.
November 30, 2021
Builder’s Risk insurance for homeowners will give you protection for as little as 1% of the construction costs. A small price to pay for a huge […]
November 2, 2021
Did you know that 50% of all contractors experience theft of some kind? Florida, Texas, and California are among the top 10 states with the highest rates. But, this doesn’t mean you won’t get hit if you operate your roofing contractor business elsewhere
According to the National Equipment Register, job site theft costs the industry almost $1 billion each year. It comes as no surprise that 90% of thefts occur between 6 p.m. Friday and 6 a.m. Monday morning. Does this mean your equipment and tools are safe?
October 28, 2021
How can you reduce your financial risk as a framing contractor? When you are fronting almost 18% of the overall building cost, you have a right to be nervous. Can Builder’s Risk Insurance take some of the stress off your business?
Builder’s Risk Insurance is a policy that protects a contractor’s interests when working on building projects – whether buildings are being made or renovated. It is used by contractors to ensure that they’re covered in case of any loss in building materials or equipment – or even labor used and profits lost!
October 27, 2021
During the construction of a commercial building or a home, anything can happen. Buildings under construction can be vulnerable to a fire breaking out. There are many factors that can cause these fires, such as torches, soldering irons, welding machines, grinders, or heating elements. Fires often happen to a new build due to several of these things, but what’s the solution if a fire does happen?
October 1, 2021
Learn how to shop for Builder’s Risk Insurance and get the best value for your money while knowing exactly what you have coverage for. Understanding Builders […]
August 3, 2020
Choosing the best insurance coverage to carry between different insurance options has always been debated. This review should help you clarify some of them and understand […]
July 6, 2020
Buildings under construction are prone to different risks. Contractors and building owners face challenges like vandalism, theft of construction materials, natural disasters, etc, while at the […]
March 17, 2020
Did you know that contamination cleanup for contractors is a significant part of the construction business? Several activities on a building site can cause pollution. However, some precautions can reduce this. As a general contractor, taking the right precautions to avoid pollution is a must. However, mistakes happen.
In this article we will look at how to minimize pollution, and how your Builder’s Risk Insurance Policy will cover you in the event of unforeseen incidents.
March 14, 2020
You have many choices when it comes to insurance for painters. But, like many contractors, painters find this whole thing about insurance a bit confusing. Policy jargon and insurance terms make it difficult to understand.
But, let’s all agree that the most important coverage for all contractors is general liability insurance because it covers third-party injury lawsuits as well as property damage. While we’re here, you know that your general liability insurance shouldn’t be less than $1 million in coverage right? Is it?