Course of Construction Insurance means you can protect your profits from unexpected damages. You can secure the financial success of your project, whether it is a big commercial development or a residential project. It is the cheapest way to transfer your risk of financial loss to another party. Let’s talk about what this insurance covers and how it can protect you.
What Does Course of Construction Insurance Include?
This insurance is affordable coverage that is tailored for your particular project. In other words, you select the coverage you require for your development. There is no standard policy per se. Although, most policies incluude common loss events. These are fire, theft and vandalism. There are also many other optional loss events you can include if you need them, some being:
- Adverse Weather
- Building Ordinance Changes
- Debris Clean Up
- Site decontamination
- Protection of important plans and documents
- Off-site temporary storage of equipment
Are there exclusions on a policy?
There can be exclusions on a policy and these should be clearly stated. Policies for projects located on the coast could exclude wind damage, flooding and earthquakes. A policy is tailored for your project though. If you need this coverage it can be included.
How are your profits protected?
Construction is a risky business. There are many unknowns. Unexpected events happen frequently. You can put in strategies to lower your risks but there are some things you cannot plan for. It is also possible for an accident to happen on site that would close your business if you didn’t have insurance. Here are two examples:
- Fire. Fires in buildings under construction account for property damage in excess of $400 million every year.
- Theft. This is very common on building sites. Industry estimates that costs of equipment stolen could be as high as $1 billion. This doesn’t include tools and materials.
This insurance is also known as Builder’s Risk Insurance. It gives you the means to recover from an accident or loss event. You can replace the property that has been lost, and you can complete the project.
Is Course of Construction Insurance Affordable?
The first thing to consider is the financial impact of a loss event if you do not have insurance. When you buy insurance you are securing the success of that project. A construction project involves significant investment from many parties and a Builder’s Risk policy protects your profits. A policy will cost between 1 and 4% of the cost of the project.
Good news about Course of Construction Insurance
It is quick and easy to get your Course of Construction Insurance policy from Contractor’s Liability. All it takes is a phone call and one of our experts will identify the coverage you need. We will then shop around for the best policy for you. Our commitment is to get you the right coverage at the lowest rate. Call Contractors Liability on 866-225-1950 and let us save you time and money.