Builders Risk Insurance
Protecting Your Construction Project
What is Builder's Risk Insurance?
Builder's risk insurance, also known as course of construction insurance, is a specialized policy designed to protect your construction project from unexpected losses. It covers physical damage to the building under construction, as well as materials, equipment, and other property involved in the project.
What Does Builder's Risk Insurance Cover?
A standard builder's risk policy typically covers:
Who Needs Builder's Risk Insurance?
Builder's risk insurance is essential for anyone involved in construction, including:
Benefits of Builder's Risk Insurance
Factors Affecting Builder's Risk Insurance Costs
Several factors influence the cost of builder's risk insurance, including:
Contact us to discuss the right builder's risk coverage for your project.
Builder's risk insurance, also known as course of construction insurance, is a specialized policy designed to protect your construction project from unexpected losses. It covers physical damage to the building under construction, as well as materials, equipment, and other property involved in the project.
What Does Builder's Risk Insurance Cover?
A standard builder's risk policy typically covers:
- Physical damage: Protects against losses caused by fire, theft, vandalism, storms, and other covered perils.
- Materials and equipment: Covers the cost of replacing materials and equipment damaged or stolen from the construction site.
- Floater coverage: Protects materials and equipment while in transit to the job site.
- Delay in completion: Provides coverage for additional expenses incurred due to construction delays caused by covered losses.
Who Needs Builder's Risk Insurance?
Builder's risk insurance is essential for anyone involved in construction, including:
- General contractors: Protects the project and your investment.
- Subcontractors: Safeguards your equipment and materials.
- Property owners: Protects the building under construction and potential future income.
Benefits of Builder's Risk Insurance
- Financial protection: Covers the cost of repairing or replacing damaged property.
- Business continuity: Helps keep your project on schedule in case of losses.
- Peace of mind: Protects your investment and reduces financial risk.
- Contractual requirements: Many contracts require builder's risk insurance.
Factors Affecting Builder's Risk Insurance Costs
Several factors influence the cost of builder's risk insurance, including:
- Project size and value: Larger projects typically have higher premiums.
- Construction type: High-rise buildings or complex projects may require additional coverage.
- Location: Areas prone to natural disasters may have higher rates.
- Coverage limits: The amount of coverage you choose will impact your premium.
- Deductible: A higher deductible can lower your premium.
Contact us to discuss the right builder's risk coverage for your project.
