Where can you buy Builder’s Risk Insurance during Covid-19?

Builder’s Risk Insurance in Covid-19 times is still relevant.  Whilst this pandemic has disrupted the economy in many ways, construction is continuing.  You still need to protect your profits from loss, now more so than ever.  Builder’s Risk Insurance provides you with protection against many unforeseen events.  So how does this insurance work, and where can you get it?

What is Builder’s Risk insurance?

Builder’s Risk Insurance in Covid-19 times protects you from many perils that are common on a construction site. You will need this coverage when your site re-opens or a new project starts.  This is specialized insurance that can be summarized as follows:

• Builder’s Risk Insurance covers certain types of building projects.  This includes the construction of new buildings as well as the renovation or restructuring of existing ones.

• This is property coverage. Builder’s Risk Insurance covers the replacement of property, tools, material and equipment that is damaged by unforeseen events.

• It is customized for a particular project.  In general a policy covers damage from fire, theft, vandalism and weather events, but a policy should be tailored.  It should include coverage for the risks your particular project faces.  Coverage can be included for soft costs, loss of profits, removal of debris, temporary storage of equipment, protection of documents and more.

• This insurance is also known as Course of Construction Insurance as it has a term.  It is either 3, 6 or 12 months long. This can be extended in some circumstances. It is important to be aware of this characteristic of Builder’s Risk Insurance in Covid-19 times.  If a project is delayed this should be reported to your agent for advice on any action that could be required.

• All participants in a project can be covered by one policy.  This could include the developer, contractor, project or homeowner, lender – all parties with a financial interest in the completion of the project.  Some policies may exclude parties like subcontractors but this will be clearly stated.

• The insurable value of a policy must be 100% of the replacement cost of the building at completion.  This is different to the market value of the building, and it excludes the value of the land.

Why Do You Need Builder’s Risk Insurance Now?

There are many unknowns in the construction industry.  Changes in scope or design can occur. You can discover structural issues after you have started construction.  Your site can be targeted by thieves.  A fire can break out and destroy part of your building.  The coronavirus has demonstrated that when the unforeseen happens, it can have big consequences.  When you have Builder’s Risk Insurance, you are protected from many of the losses that could otherwise overwhelm your business.

Good News About Builder’s Risk Insurance in Covid-19 Times

At Builder’s Risk.net we are ready to assist you with a policy that meets your needs.  You can get an instant quote at any time, or call for expert advice from our agents.  Call Builder’s Risk at 877 960 0221 and safeguard the future of your business.