Safeguard your ongoing construction projects from unforeseen events with builders risk insurance. This specialized coverage shields properties under construction from threats like fire, theft, and unexpected damages.
Why Choose Builders Risk Insurance?
While properties are under construction, they’re vulnerable to various risks. This insurance acts as a protective umbrella, typically taken by contractors or mandated by property owners for added peace of mind.
Primarily, the policy covers damages from incidents like fire, hail, vehicle collisions, and theft. It’s often set based on a percentage of the total construction budget. Ensure you understand the policy duration, as extended construction periods might not always be accommodated.
Limitations to Be Aware Of:
Certain high-risk events, like beachfront floods or earthquakes near fault lines, might not be covered unless explicitly mentioned. Also, it doesn’t cater to worker injuries; separate workers’ compensation insurance is essential for that.
Considering builders risk insurance? Let us guide you to the best solution for your construction needs.