A Builder’s Risk Insurance Policy only covers property. This is more valuable to contractors than it sounds. This makes it easy to understand once you know how it works. In this quick guide we’ll look at
This insurance is also called Course of Construction Insurance. Its purpose is to protect property during the construction process. It only covers certain types of construction, namely new buildings and the renovation or restructuring of existing ones.
A distinguishing feature of a Builder’s Risk Insurance Policy is that it is customized according to the needs of the policyholder. Each project is unique. You can include the coverage you need for your building venture. Some of the events you can include in your policy are:
These are not the only things that can be included. Our agents at Builder’s Risk.net will talk you through the options according to what you need for your project.
A policy can have exclusions and these will be stated clearly. For example wind damage and flooding in coastal and tornado states is sometimes excluded. If this is a risk your project faces, you can have them specially included. This does affect the cost of the policy but if you are exposed to great loss in the event of a weather incident, having the right coverage is essential.
Builder’s Risk is property coverage. It does not include coverage for faulty workmanship or illegal activities by employees. Injuries in the workplace are covered by Workers Compensation. You also require General Liability in case an incident occurs on site for which you can be held liable.
There are two things to consider here. Is a policy necessary, and who needs to buy one?
At Builder’s Risk.net we specialize in this insurance. Our agents will get you the right coverage from A rated insurance carriers. Call Builder’s Risk at 877 960 0221 and we’ll get you the best rates too.