Builder's Risk Insurance Information
A construction project can be a complex and challenging endeavor with many uncertainties. From start to completion, numerous risks can jeopardize the project’s success. To mitigate these potential losses, builders risk insurance can play a pivotal role.
What Is Builders Risk Insurance?
Builders risk insurance is a specific type of property insurance that helps cover buildings under construction. It can typically be tailored to your needs because each construction business and project has unique risks. This type of insurance is essential for covering construction projects. Without it, your business would have to pay for costly incidents out of pocket, which could completely derail the project. It could also affect your company’s reputation and your ability to book future projects.
What Does Builders Risk Insurance Cover?
Builders risk insurance can help protect construction projects financially from expenses related to property damage at the site caused by the following:
Customized extensions can be added for the following:
- Construction documents
- Temporary structures
- Costs associated with construction delays
- Debris removal and disposal in the event of a loss
- Pollutant cleanup
Who Carries Builders Risk Insurance?
Builders risk insurance is essential for any party with a financial interest in a property under construction or renovation. This could include the building owners, architects, engineers, lenders, contractors and subcontractors. Depending on the project and its contract, the general contractor or property owner may be responsible for securing the builders risk policy, and they may include others (e.g., subcontractors) in the policy.
Do I Need Builders Risk Insurance?
Contact Simple Lane Insurance Agency
to discuss your insurance needs and determine if builders insurance is applicable to your business. We can help ensure that yo