Let’s take a closer look at what is covered by your Builder’s Risk Policy.
Damage coverage is the primary benefit of Builder’s Risk Insurance. This damage can be caused by natural disasters and weather events such as hail, lightning, tornado, hurricane or fire.
However, in coastal and tornado states, many policies do not provide for hail and wind. To an extent, it depends on where you live and the location of your construction site also. Usually, basic Builder’s Risk Coverage doesn’t cover flood damage.
It can become a challenge protecting your equipment and materials on your construction site. If you fall victim to malicious vandalism, your Builder’s Risk Policy may provide coverage for the loss.
There are different policies regarding coverage for theft. In some policies, it cannot go beyond the amount of the policy. There are even some policies that don’t even provide coverage for theft. Before investing in your Builder’s Risk Policy be sure to get advice from your insurance agents.
Your Builder’s Risk Insurance Policy will only provide your construction company certain types of construction projects. This includes:
As a general constructor working on a new construction project, you can benefit from Builder’s Risk coverage during construction.
Remodeling is one of the types of construction projects covered by your Builder’s Risk Insurance Policy. Builder’s Risk covers losses that a standard insurance policy does not. Builders can benefit from this insurance when renovating an office building or residential structure. House flippers, homeowners, and contractors with insurable interests benefit from this insurance policy.
Adding a staircase, removing load-bearing walls, or reinforcing the foundation of a building can be referred to as restructuring. Builder’s Risk coverage can give you some peace of mind during restructuring. This insurance is an extra layer of protection for builders during a restructuring project.
Many things can go wrong when you’re working on a construction project. In these situations, the financial and legal coverage provided by your insurance can save your business. However, all Builder’s Risk Insurance Policies are not the same. Reading the fine print of any insurance policy is important. Get advice from our experienced insurance agents. Call (877) 960-0221