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Done properly a Builder’s Risk Insurance Policy gives you maximum protection from financial loss when things go wrong during construction.  If your policy is not doing this, your business is not getting the benefits it should. As the saying goes “you get what you pay for”. Tailor your policy to your specific needs and you will get the protection you need.  Let’s look at how you can do this.


  1. Include coverage for common events


A Builder’s Risk Insurance policy can cover many loss events. Events that are commonly included are:


  • Fire is a common occurrence on building sites. The causes range from use of cooking equipment, hot work, overheating tools, and temporary electrical installations.


  • Most building sites experience theft.  This could be the theft of tools, materials and equipment.  The cost of replacement can run into tens of thousands of dollars.


  • Damage by vandals is on the increase. It is often a result of attempts to steal copper wiring.


  1. Consider other optional coverage


There are many more loss events that can be included in your policy to reduce your exposure..  These include::


  • Removal of debris after an accident
  • Temporary storage and transportation of fixtures and equipment
  • Soft costs like fees for architects, engineers, expediter and marketing
  • Protection of profits
  • Loss due to Building Ordinance changes
  • Adverse weather, like high winds or hail
  • Protection of valuable papers and plans


  1. Value your project correctly


A Builder’s Risk Insurance Policy must be valued at 100% of the replacement cost of the completed building. If you undervalue the policy you will not be properly covered and a co-insurance penalty is applied.  This is calculated as follows:


$200 000 (insured value of the policy) / $300 000 (replacement cost or actual value of the project) * $50 000 (the claim amount after a loss) = $33 333 (settlement amount paid)


This shows the importance of valuing your policy correctly. If you have not done so, your business will suffer a loss in the event of a claim.


  1. Get expert advice


Insurance can be complicated. Builder’s Risk is relatively simple as it only covers property but expert input always gives a better result.  At Contractor’s Liability we have more than 20 years experience in the industry.  We can guide you so you get what you need for your business.


  1. Pay the right price for your policy


Once you have the right coverage in your Builder’s Risk Insurance Policy you want to pay the lowest rate possible.  A local agency may not have access to a wide network of top A-rated carriers. Contractor’s Liability will shop around for the best rate for you.  We represent more than 18 national and regional carriers and will get you several quotes so you can compare.


Get A Builder’s Risk Insurance Policy That Protects Your Business 


Speak with us at Contractors Liability for your policy. We are customer focused and guarantee a quick turnaround time.  You can save yourself time and money when you come directly to the experts.  Call Contractors Liability on 866-225-1950.


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