Who pays for property damage to a building under construction? Property Replacement Insurance provides coverage for vandalism, theft, wind and fire damage.
What is Builder’s Risk?
Property Replacement Insurance is Builder’s Risk. As a matter of fact, it is specially designed to protect buildings and structures that are being built or renovated. It covers the cost of construction. It also protects the equipment used at the project.
So, if the structure is damaged, Builder’s Risk steps in. The policy provides replacement cost equal to the value of the property lost.
Builder’s Risk Insurance includes:
- Protection for materials or equipment added to the property (for example, HVAC systems).
- Labor costs and expenses.
- Temporary structures such as scaffolding.
- Landscaping.
Contact the friendly team at Builder’s Risk (877) 960 0221.
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 much to insure your project on your builders risk insurance policy. Not insuring your project to the correct amount can end up being a huge cost in the event of a claim.
September 28, 2020
Property damage is part of working in construction. So, for protection against the resulting financial loss, contractors need insurance. Unfortunately, not all insurance is created equal. […]
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 3, 2020
It’s easy to confuse insurance policies and believe they offer more protection than they do. Contractors are often left confused about whether their Construction Project Coverage is sufficient. Is Builder’s Risk enough or will more insurance be required?
Do you know the differences between Builder’s Risk and Inland Marine Insurance?