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Construction Insurance could be protecting your competitor from financial loss on their projects. Is yours?  If they have Builder’s Risk insurance they are insured against many expensive loss events on site, and their client’s building is protected.  It means they don’t have to worry about accidents happening, and they can focus on delivery.


If you don’t have Builder’s Risk you could be losing out. So what is it and how can it help you? Let’s talk about Builder’s Risk and where you can get it.


What is Builder’s Risk insurance?


Builder’s Risk is property insurance that insures you against many events that can happen in the construction process.  It is also known as Course Of Construction Insurance.


  • What construction projects does it apply to?


This insurance is specialized coverage and it applies to certain types of construction work.  It includes new buildings as well as renovations of existing ones.  It also applies to the installation of fixtures such as plumbing and electrical works. Other types of projects include remodeling of a building and restructuring (like reinforcing a building).


  • Does it have a start and end date?


A Builder’s Risk policy is for the duration of the construction.  It has a commencement date which should be when work begins. Once the project is completed a new policy such as Building Insurance is required.  A policy is typically for 6, 9 or 12 months, depending on what you need, and you can extend it if necessary.  It must be purchased at the beginning of the project, or before 30% of the project has been completed.


  • What coverage does it give?


This construction insurance is customized for your unique project and business.  A typical policy would include coverage for fire, theft, vandalism and wind.  Other inclusions can be for special equipment, debris removal in the event of an accident, clean up of site after contamination, and even coverage for temporary structures like scaffolding.  When you buy your policy from Contractor’s Liability our agents will customize your policy so you have coverage for the risks unique to you.


  • Are there exclusions?


There can be some exclusions depending on your policy provider.  Examples of exclusions are poor workmanship or an error in design. Dishonest or illegal acts from employees could also be excluded.  Like all insurance, it is important to understand what is included and what is excluded.  Our agents can talk you through this detail so you know what coverage you have.


  • Who can get it?


Builder’s Risk is purchased by developers, contractors, building owners, and homeowners.  To purchase a policy you must have insurable interest in the building, and you need two years of experience in construction.


Speak with insurance experts for better Construction Insurance


Builder’s Risk coverage isn’t mandatory but it gives you so many advantages it is highly recommended. There are many things to worry about in a construction project, but financial loss due to events like theft and damage does not have to be one of them.


Do you have more questions about how this construction insurance can help you? Speak with our experts at Contractor’s Liability at 866-225-1950.

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