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Builder's Risk Insurance

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Because every construction project is unique, each builder’s risk policy is different. You can customize your policy to fit your project’s needs by getting coverage extensions.

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Property damage
Debris removal
Law/Local ordinance changes
Labour expenses
Material Cost escalation

Property damage coverage

Risk Factors

Your construction property can get damaged by any unspecific event like fire, explosion, hail, etc and you become liable for the same.

Solution

A builder’s risk insurance policy helps protect your construction projects from certain kinds of property damage. It can also help cover additional soft costs if property damage causes a delay. This can include lost sales, rental income, additional interest on loans and real estate taxes.

Debris removal coverage

Risk Factors

The debris can be a major issue if you are into the construction of buildings and other structures.

Solution

Debris removal coverage covers the cost of clearing and disposing of the debris and materials from a covered loss, which can often be a massive expense. Some insurers will also cover demolition costs if the remaining parts of a damaged structure must be torn down.

Law/Local ordinance changes coverage

Risk Factors

There can be a possibility that the rules, regulations, and other laws change during your construction project and make an impact on the same.

Solution

Suppose a law or local ordinance changes during the construction project. In that case, this policy protection will cover the added costs of complying with the new laws, plus the costs of any delays that the new compliance adds to the project.

Labour expenses coverage

Risk Factors

There can be instances where your labor expenses increase due to commitments and labor strikes for an increase in wages.

Solution

Some policies will cover the additional labor costs that result from a covered loss; others will offer that coverage as an optional extension. Almost all insurers will offer this form of coverage.

Material Cost escalation Coverage

Risk Factors

There can be a possibility that you gave a quotation for a construction project, but the material prices increased due to changes in the economy.

Solution

This protects the policyholder from any significant increases in the cost of materials and services during the project. If unforeseen economic changes lead to a drastic change in price for certain materials, this policy extension covers that cost.

What is Builder's Risk Insurance?

Builder's risk insurance, also known in some areas as course of construction, is a unique property insurance. It's a form of insurance that covers a building where the building or insured area is presently being constructed. It can cover just the structure or the on-site materials waiting to be installed or transported to the job site and is a type of insurance that most owners will ask every contractor to carry.

The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). Therefore, the construction budget is the best source for determining the appropriate insurance limit.

What does Builder's Risk Insurance cover?

Most policies will cover damage from the following events:

  • Fire
  • Wind (may be limited in coastal areas)
  • Theft
  • Lightning
  • Hail
  • Explosion
  • Vandalism
  • Vehicles or aircraft

Why is Builder's Risk Insurance important?

A builder's risk insurance policy helps protect your construction projects from certain property damage. It can also help cover additional soft costs or expenses not directly related to construction if property damage causes a delay. This can include:

  • Lost sales
  • Rental income
  • Additional interest on loans
  • Real estate taxes

Because every construction project is unique, each builder's risk policy is different. You can customize your policy to fit your project's needs by getting coverage extensions.

How does Builder's Risk Insurance differ from contractor's general liability insurance?

This is where confusion often arises. For example, a contractor might ask: 'Why do I need builder's risk insurance when I have contractor's general liability insurance?' While, on the surface, the two coverages may seem similar, they play very different (but equally important) roles.

While builder's risk insurance covers the contractor's property or equipment during construction, the contractor's general liability insurance policy covers bodily injury, property damage, and any resulting liability that may arise from possible accidents. In addition, it protects contractors if they're accused of causing injury or property damage.

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Already have Builders risk Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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