Building under construction insurance can save the day when things go wrong. The name of this coverage is Builder’s Risk Insurance. Can it help you with project delays too? Let’s look at when it can help and how to get a policy that gives you the coverage you need.
What coverage do you get with building under construction insurance?
Builder’s Risk Insurance is property coverage that applies to certain types of building projects. This includes construction of new buildings and the renovation and refurbishment of existing ones. You need to cutomize yourr policy for your business and the particular project you are undertaking.
Here are some examples of the coverage it provides:
- Replacement of property – if the building is destroyed or damaged during the construction process.
- Debris removal – this applies to debris resmoval as a result of an event that was covered in your policy.
- Fire damage to the building in the course of construction.
- Theft – sadly this is very common on building sites, and you can get coverage for the theft of equipment, tools and materials.
- Vandalism – another common event, especially on unsecured construction sites.
- Damage from adverse weather events such as wind damage or hail.
What causes delays on projects?
A multitude of things can happen on a construction project that cause delays. In your business you have probably experienced many. It could be as a result of planning changes, or accidents, or even waiting for equipment or materials.
In the case of renovating or refurbishing a building you can discover underlying structural issues and need to address them. These can have knock on effects on your schedule.
Are delays covered when building under construction insurance?
The best advice is to speak with an industry expert. They will help you ascertain in what instances you can include coverage for loss suffered from project delays. A typical example is when changes in Building Ordinances force changes on your project, resulting in delays. A Builder’s Risk policy can help with the associated loss in profits.
Why you should speak with Contractor’s Liability
You should customize a Builder’s Risk Insurance policy for your project. An agent with in-depth knowledge and experience of insurance and construction can assist you with this.
Some of the reasons you should choose Contractor’s Liability to speak with are:
- Our agents are knowledgeable experts
- We represent A-Rated national and regional carriers
- It only takes a few minutes to get a quote
- We give you options – choose the policy best for you
- Customers are delighted with our service – see our 5 Star ratings
Get Building Under Construction Insurance Now
All it takes is a call to Contractors Liability to get your policy. An agent will ask you some questions and establish what you need for your project. You will get at least 3 quotes on the same day so you can compare. Call Contractors Liability on 866-225-1950 and don’t lose sleep over project delays.