Builder’s Risk Insurance
Builder’s risk insurance, also known as course of construction insurance, is a specialized type of property insurance that helps protect buildings under construction. This coverage is essential for managing risks associated with construction projects.
Key Coverage
Builder’s risk insurance covers various types of property damage, including:
- Fire
- Lightning
- Hail
- Explosions
- Theft
- Vandalism
- Acts of God (e.g., hurricanes)
Who Needs Builder’s Risk Insurance?
This insurance is crucial for anyone with a financial interest in the construction project, including:
- Property owners
- General contractors
- Subcontractors
- Lenders
- Architects
What Does Builder’s Risk Cover?
Builder’s risk insurance typically covers:
- Buildings and structures under construction
- Materials, supplies, and equipment on-site, in transit, or at other locations
Additional Coverage
- Lost sales or rental income
- Additional interest on loans
- Real estate taxes due to project delays
Common Exclusions
It’s important to note that builder’s risk insurance may have certain exclusions, such as:
- Wear and tear
- Acts of terrorism and war
- Employee theft
- Rust and corrosion
- Mechanical breakdowns
- Damage due to faulty design, planning, workmanship, and materials
Get Covered Today
Ensure your contracting business is protected and compliant. Contact us today to learn more about our Builder’s Risk Insurance plans.
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