Business Line Builders Risk

Why Builders Risk Insurance Matters.

Builders risk insurance acts as a protective shield for properties during the construction phase. It’s designed to cover unforeseen events that can hamper or damage your project. Whether you’re a property owner or a contractor, this tailored insurance can be a crucial asset to your construction endeavors.

Coverage Highlights of Builders Risk Insurance
At its core, this insurance is designed to address damages from incidents like fire, hail storms, and certain acts of vandalism. This often encompasses:

Building Structure: Protection for the evolving structure against unexpected damages.
General Liability: Shields against claims from third parties for injuries or property damage.
Equipment Breakdown: Coverage for machinery or equipment malfunctions.
Ordinance and Law: Ensures you meet local construction codes and regulations.
Who Should Consider Builders Risk Insurance?
Anyone connected to the construction process can benefit. This includes property owners, contractors, subcontractors, financial lenders, and even architects. To determine the policy’s adequacy, it’s usually aligned with a fixed percentage of the overall construction budget. However, it’s essential to be aware of the policy’s duration to ensure it matches your project’s timeline.

What’s Typically Left Out.

It’s crucial to remember that every insurance has its boundaries. Common exclusions might include natural disasters, like earthquakes or coastal floods, unless explicitly mentioned. Also, while the policy safeguards the property and equipment, it doesn’t typically cover on-site worker injuries. Thus, having a separate workers’ compensation insurance remains indispensable.

Elevate Your Construction’s Safety Net
If you’re embarking on a new construction journey, ensuring you have the right coverage is paramount. Reach out to us to delve deeper into the specifics of builders risk insurance and tailor it to your project’s needs.