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 12, 2020
Builder's Risk Insurance Policy cover

What Does Your Builder’s Risk Insurance Policy Cover?

Your Builder’s Risk Insurance Policy provides only one line of coverage, but it is the kind of coverage every contractor needs. Often called Course of Construction Insurance, this kind of insurance protects your interest in materials and equipment needed for the job from physical loss or damage. Let’s take a closer look at what is covered by your Builder’s Risk Policy.
February 11, 2020
5 tips about Builder's Risk Insurance

5 Top Tips about Builder’s Risk Insurance

If you are a construction business owner, you already know that you need insurance coverage. But how do you know if Builder’s Risk Insurance is the one to have? Choosing the right insurance program can be harder than it sounds. Here are 5 things to consider about Builder’s Risk Insurance.
February 10, 2020
disaster coverage for roofers

Does Builder’s Risk Insurance Provide Disaster Coverage For Roofers?

Disaster Coverage for Roofers is a must-have. But, will it be included with Builder’s Risk Insurance? It’s a confusing point. What is clear is that, across the nation, roofers tend to need more coverage. With 5.4% of all roofing incidents being non-fatal, there’s a need for roofers to be adequately protected against any eventuality. Cost implications of natural disasters The Insurance Information Institute collects statistics and data. They found insured losses in the U.S. in 2018 stood at $52 billion. But, that figure doesn’t include non-insured costs. Those are staggering figures and are increasing every year too.
February 5, 2020
Construction worker .Builder's Risk Insurance

Does Your Builder’s Risk Insurance Policy Cover What You Need It To?

In a market with little standardization, how can you choose coverage with the best Builder’s Risk Insurance policy extensions for your construction business? Just 5% of construction costs can put a dent in your pocket. So, although you may have a policy you feel is good enough, will it cover all your needs? In this guide we’ll look at 5 types of coverage a basic Builder’s Risk Insurance policy may not provide.
February 3, 2020
How Builder’s Risk Insurance Policy Prevents Business Failure

How Builder’s Risk Insurance Policy Prevents Business Failure

A Builder’s Risk Insurance policy could be the saving grace for your business. Construction is risky.  Unexpected events can happen that end up costing you a […]
January 31, 2020
protect your General Contractor profits

How to protect your General Contractor profits in Montgomery, AL

Protect your General Contractor profits by making sure you have the best coverage for Builder’s Risk in Montgomery, AL.  With a large population and only 2.7% […]
January 28, 2020
Construction Site Fire!

What Happens When There is a Construction Fire?

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?
January 27, 2020
framing contractor Builder's Risk Insurance

Does your Framing Contractor Business need Builder’s Risk Insurance?

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!
January 24, 2020
Need Builder's Risk Insurance

Do I need Builder’s Risk Insurance?

If you’re asking yourself this question, then you most likely need Builder’s Risk Insurance. Why is this? Well, if you have financial interest in a construction project, you’ll need to have Builder’s Risk Insurance in order to cover you. What is Builder’s Risk Insurance and What Properties Are Covered?
January 24, 2020
Builder's Risk Insurance for homeowners

Builder’s Risk Insurance vs Homeowners Insurance

Builder’s Risk insurance for homeowners will give you protection for as little as 1% of the construction costs.  A tiny price to pay for a huge […]
January 22, 2020
Builder's Risk Insurance for Roofers

Is Builder’s Risk Insurance for Roofers?

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.
January 20, 2020
building under construction insurance

How Building Under Construction Insurance Builds Your Reputation

Building under construction insurance is called Builder’s Risk Insurance. One of a builder’s greatest risks is a loss of your reputation. Why? It’s because one of […]
January 17, 2020
Worker. Builder's Risk Insurance

5 Things Clients Want To Know Before Hiring A Contractor

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.
January 15, 2020
Builder's Risk for Roofing Contractors

Why Do Roofing Contractors Need Builder’s Risk Insurance?

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?
January 13, 2020
construction insurance

Insurance Experts Explain Construction Insurance – Part 3

Builder’s Risk insurance is a form of construction insurance designed to protect buildings and structures that are under construction or renovation. In parts 1 and 2 […]
INSTANT QUOTE
English