Builders Risk Insurance
Protect your project as it’s being built
Did you know you can protect your properties even before they are finished being built? Builders risk insurance protects from risks like fire, theft, and more.
Under construction? Then you need builders risk insurance
Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. It is possible for the property owners to take out such a policy, though more commonly it'll be a policy they insist the contractors take out.
What does a builders risk policy cover?
The key areas of coverage are damage caused by events such as fire and hail storms. You will also normally be covered for theft, vandalism (though not by your employees), and damage caused by vehicles or aircraft hitting the building. To make sure coverage levels are adequate, policies are often set at a fixed percentage of the total construction budget. You will need to check how long the policy runs as it typically will not allow repeated extensions of the construction timeline.
Coverages that are not included
It is important to be aware of what builders risk insurance does not cover. Unless specifically stated, it will not cover specific increased risks such as flooding on a beachfront construction or earthquakes near a fault line. It also does not cover injuries suffered by workers, meaning you will still need any legally-required workers' compensation insurance coverage, as well.
If builders risk insurance sounds right for you, Reach out to our team when you are ready to review options. for a quote.
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Frequently Asked Questions
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