• (877) 960-0221
What does Builder’s Risk Insurance cover?What does Builder’s Risk Insurance cover?What does Builder’s Risk Insurance cover?What does Builder’s Risk Insurance cover?
  • Home
  • Builders Risk
  • FAQ
  • About us
  • Reviews
  • Contact
  • Blog
  • Call Us 24/7 (855) 597-1921
English
  • Spanish
INSTANT QUOTE
✕
Tips About Builder’s Risk Insurance For Roofing Contractors
March 21, 2020
Builders Risk INsurance For Natural Disasters
Does Builder’s Risk Insurance Provide Disaster Coverage For General Contractors?
March 31, 2020

What does Builder’s Risk Insurance cover?

March 30, 2020
Categories
  • Blog
  • Builder's Risk
  • Building Under Construction Insurance
  • Course of Construction insurance
Tags
  • benefits of Builder's Risk Insurance
Builder's Risk contamination security

Builder’s Risk Insurance is a specialized insurance cover that protects buildings that are either under construction or under renovation. Also called Course of Construction Insurance, it is ideal for protecting owners and general contractors for on site dangers.

Builder’s Risk coverage provides a buffer against damage – be it natural factors or construction errors. Builder’s Risk Insurance covers materials in transit or on site, equipment and temporary scaffolding. As a matter of fact, the contractor coverage also covers labor costs.

Is Builder’s Risk Insurance ‘all-risk’?

During construction, there can be expensive damage to your materials, temporary structures and equipment. Builder’s Risk Insurance covers this too. However, you may need to specify exactly what you need when you draft the policy. This is because some Builder’s Risk insurance covers all types of temporary structures on site, while others stipulate the cover for exactly what kind of structures.

Here’s a list of some of the things that may need you to pay added premiums for — before signing up for your policy, find out everything that is covered from the agents at Builder’s Risk.

  • The foundation of the building.
  • The equipment used for construction or renovation
  • Any underground plumbing
  • Scaffolding, fencing, trailers or stores – Any temporary structures used
  • Materials that are in transit or stored away from the construction site
  • Building materials that are onsite

Does Builder’s Risk Coverage Provide Indemnity Against All Types Of Damage?

When it comes to Builder’s Risk Insurance, you need to be aware of the exact provisions of the cover. This cover changes from coast to coast – with most ocean-side constructions having limitations of damage caused by wind and water.

Let’s take a look at the dangers covered by your Builder’s Risk Insurance cover.

1. Natural Disasters

Natural disasters come in the form of windstorms, hurricanes, lightning, floods and fires. This type of insurance covers such disasters – although you may have to pay more in premiums based on your geographic location.

Example: As a general contractor, you’ve started building a two-story building. The foundation is almost complete when there’s a flood which destroys it completely. You’ve already spent quite a bit on the foundation, but you need to start again. In this case, your Building Risk Insurance cover will compensate you. You’ll be sorted not only for the materials used but also the labor charges spent and the cost of cleaning up the debris.

2. Theft and Vandalism

There’s a greater risk of theft and vandalism when it comes to construction sites in high-crime areas.

Example: You’ve started construction on a parking site in a high-crime area and are almost nearing completion. One night, thieves enter, vandalize the place and make off with all the equipment onsite. This is where your Builder’s Risk insurance cover comes in. The worth of the equipment stolen is noted and the amount reimbursed to you under your contractor coverage.

3. Vehicles and Aircraft

Vehicles and aircraft can pose a significant risk to construction sites.

Example: As a general contractor, you’re overseeing all the aspects of building a hotel near a small airfield. As the foundation has been laid and the framing started, there is quite a lot of equipment onsite. Suddenly, a plane with engine failure crashes on the site and causes widespread damage. The cost of labor, materials and equipment destroyed as well as the debris cleanup charges are reimbursed to you through Builder’s Risk Insurance – Now you can start reconstructing.

Get Builder’s Risk Insurance Today

Of all the industries in the world, the construction industry is among the most dangerous – with dangers around every corner. This is why it is a good idea to extend your coverage to include Builder’s Risk insurance. Find out how this construction-specific coverage can help you. Call Builder’s Risk at 887 960 0221 today.

Share

Related posts

Five Tips to get a New Construction Insurance Policy in 2022
January 20, 2022

Five Tips to get a New Construction Insurance Policy in 2022


Read more
5 Builder's Risk Secrets for New Contractors
December 9, 2021

Risks You’re Taking By Operating Without Builder’s Risk Insurance


Read more
Is Builder's Risk Insurance necessary for Roofers?
December 1, 2021

Is Builder’s Risk Insurance necessary for Roofers?


Read more
builders risl logo white

Our agents write hundreds of Builders Risk policies a month. Get a policy, with a lower cost than a local agent, customized to suit your business’ needs. We will save you time, money, and you’ll avoid all the hassle.

Contact

21750 Hardy Oak Blvd
Ste 104 #58548
San Antonio, TX
78258

Phone: (877) 960-0221
Phone: (866) 539-0672
Mail: [email protected]
Quote Now

Links

Home
Builder Risk
FAQ
About Us
Review
Contact
Blog

Languages


  • English

Partners

Contractors Liability

Farmerbrown

Cookies policy | Sitemap
All rights reserved builders risk®
INSTANT QUOTE
English
  • English
  • Spanish