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.

February 27, 2020

Is Builder’s Risk for Plumbing Contractors?

Regardless of what you’re building, fixing or renovating, the importance of Builder’s Risk for plumbing contractors cannot be stressed enough. Builder’s Risk insurance is a contractor insurance coverage created to help protect your business against disasters such as loss or damage to your tools or equipment. 10 Facts about Builder’s Risk for Plumbing Contractors Below we’ll tell you more about what is also known as Course of Construction insurance.

February 26, 2020

Is Builder’s Risk for Painting Contractors? Find out!

Builder’s Risk Insurance for Painting Contractors — most painting business owners don’t think about it, do you? To be honest, your priority has probably been general liability and Workers Compensation. It’s easy to see why you wouldn’t have factored Builder’s Risk Insurance into the equation. So the answer is, Yes. Let’s take a look at where the protection your business gets from Painters Insurance stops, and where Builder’s Risk coverage starts.