Builders risk provides coverage for buildings that are under construction. The construction can be new, a remodel, or repair. Coverage includes materials at the work site before they are installed, any materials intended for the work site that are in transit, and the value of the new, remodeled, or repaired property being built until it's completed and the owner accepts the work.
builders risk coverage can also be purchased for specific home improvement projects such as a new room addition, a deck or a remodeled kitchen.
Those who should seriously consider purchasing builders risk include general contractors, subcontractors, home builders, real estate developers, building owners, colleges and universities, and municipalities.
An builders risk policy includes perils such as theft, vandalism, fire, wind storm, lightning, and hail. Most policies offer limited coverage for collapse. Standard exclusions include earthquake, flood, weather damage to property in the open, water damage, employee theft, mechanical breakdown, war, government action, contract penalty, and voluntary parting. Another important exclusion is for damage resulting from faulty design, planning, workmanship and materials. Builders risk insurance is meant to offer coverage for accidental events and not for poor construction. Earthquake and flood coverage can usually be added to the policy for an additional cost.
Who Is Insured?
The named insured of an builders risk policy is usually the contractor or developer of the property. However, it may be the building owner or homeowner if they are responsible for insuring the property while under construction, particularly when the construction is a remodel or repair. A mortgagee or lien holder may be added as an additional insured.
We have the experience to analyze and recommend the correct builders risk coverage for your business. Our strong relationships with insurers results in direct cost savings for our clients.
If you live in any of the states listed Illinois Indiana Ohio Michigan Texas Louisiana or Mississippi. Feel Free to Contact us about builders risk insurance coverage, rates and plans offer in your area.
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