The impact of Coronavirus on Builder’s Risk Insurance is felt by business owners. Depending on the wording of the policy it may no longer be providing the coverage you expect. Therefore, is it time to reassess your coverage? Let’s look at types of impact the pandemic could have on a policy and what you should do.
Builder’s Risk Insurance, as specialized insurance, it applies to certain types of construction projects namely the construction of new buildings and the renovation of existing ones. Hence, it should be tailored to the needs of the project in question. Builder’s Risk provides coverage for specific loss events and it also has a term limit.
The most important thing to do is to review your policy and examine the actual wording contained therein. Moreover, it is a good idea to do this with your agent or carrier. There may be additional information that they require, or they may request specific documentation and record keeping. With this intention, communication at this time is key.
Our agents are available to answer all your questions. Moreover, we can review your policy with you and advise you accordingly. Call Builder’s Risk at 877 960 0221.