Builder’s Risk Insurance
For Buildings Under Construction
Buildings are susceptible to risks during construction. They can be damaged by fire, hurricanes, vandalism, and cause a huge loss to the building owner. Builder’s risk insurance is important. It helps protect buildings under construction and the property owner as well.
There are many parties involved in a construction project
Property owner
General contractor
Sub-contractor
Architect
and more…
Property owners are responsible for getting builder’s risk insurance for the construction project. Property owners are also encouraged to purchase Owners Interest Policy to get an extra layer of coverage. Contractors and subcontractors are usually required to have general liability insurance before being able to start on a project.
Builder’s risk insurance coverage
Now, the important question - what does builder’s risk insurance cover?
This insurance policy helps protect the materials, supplies and equipment (whether on site, in transit or at other locations) for buildings under construction.
The cost of damages caused by wind, rain, hail to the buildings that are under construction are covered by builder’s risk insurance. Also, builder’s risk insurance can help take care of the cost of any stolen materials as construction sites are usually unguarded and is common for theft to occur.
There is also a probability for fire damage to occur not only to buildings but also an unfinished structure. If a fire damages a sliding, the contactor can make an insurance claim.
Service That Goes Beyond Quality Coverage
At BlueRock Insurance Services, our brokers are dedicated to helping property owners and contractors. We serve clients in New York, New Jersey, Connecticut, and Pennsylvania. We are here to answer your questions and help you meet your needs:
Discover the best insurance carrier and coverage options tailored to meet your needs. These options will help manage your risks while keeping costs under control
Understand what builder’s risk insurance covers and does not cover
Based on your construction project, determine the coverage needed to reduce financial loss from accidents or damages
Did You Know?
Builder’s risk insurance is often required before starting a construction project
Each construction project is unique. Therefore, you can extend your policy to cover other materials, like scaffolding and temporary structures
A builder’s risk insurance policy is a temporary insurance plan. It usually begins on the date the contracts are signed. It is also important to know when the coverage ends.
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