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?
Buildings under construction are susceptible to many different events happening. Whether they’re fires, thefts, or false work, Builder’s Risk Insurance can cover you for these things. Obviously, the best thing to do is practice fire prevention on the jobsite when you’re the contractors and construction crew. But when a fire breaks out, the sigh of relief in the end will represent the fact that you have Builder’s Risk Insurance to cover everyone invested in the project.
Builder’s Risk Insurance from Builder’s Risk:
Builder’s Risk can customize your insurance package to meet your needs and budget. Usually, the cost is 1% to 5% of the total construction budget. This coverage will last 3, 6, or 12 months and can be extended until the completion of the project. The purpose of this insurance policy is to protect your interest in materials and equipment needed for the job from physical loss or damage. Property owners, general contractors, subcontractors, lenders, and architects and engineers are covered if not covered already.
According to the National Fire Protection Association, “Between 2010 and 2014, municipal fire departments in the U.S. each year responded to an estimated average of 3,750 fires in structures under construction, 2,560 fires in structures undergoing major renovation, and 2,130 fires in structures being demolished.”
Your safe bet before construction on a structure begins is to acquire Builder’s Risk Insurance from Builder’s Risk.
Keep your structure, assets, and everyone invested covered with Builder’s Risk Insurance. Contact us at 877-960-0221 today!