Builders Risk Insurance

Coverage for Your Ongoing Creation

A work in progress is just as valuable as a finished project. Cover all your hard work and don’t let any time go to waste with an essential Builders Risk policy.

The Basics of Builders Risk Insurance

Builders Risk Insurance covers a structure in which the building or insured space is currently being built. The policy can cover only the structure, or it can also include all the installation materials at the work site. It’s a popular form of insurance that just about every contractor is required to have by their business owner.

What Does Builders Risk Cover?

This insurance covers damage done to the insured building due to many different events, including the following:

Fire or explosion
Wind
Theft
Lightning
Hail
Vandalism
Vehicles and aircraft

Each policy will vary in coverage limits and exclusions depending on what’s needed for your business.

Limited coverage is available for a collapse. Normal exclusions include:

Earthquakes
Employee Theft
Water damage
Weather damage to property in the open
War
Contract penalty
Mechanical breakdown
Faulty workmanship, design and materials

Program Highlights:

Eligible projects include residential and commercial new construction, remodeling and installation
Capacity for projects of any size and value, including wind and flood
Available nationwide on an admitted basis
Innovative coverage options designed with the needs of contractors in mind; many are automatically included with the option to increase limits
Policy options include "one shot" or single structure, annual and monthly reporting form, and deposit premium
Policies can be insured in the name of the contractor or owner

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Important Notes About Builders Risk

Some areas allow the ability to add earthquake and flood coverage.

The following will further help you decide if Builders Risk is right for you:

This insurance does not cover others’ property.
Subcontractors must have their own insurance.
There’s no professional liability coverage.
Accidents at a job site are not covered.
Most of the time, coverage ends when the structure is finished.

As far as price is concerned, a policy typically costs between 1-4% of construction cost depending on the type of coverage and exclusions your policy contains.

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