Any construction project, from minor home renovation to ground-up new building construction, faces a myriad of safety risks. That’s why ProtectALL Insurance offers builder’s risk insurance to contractors, subcontractors, property owners, even architects – to protect structures, equipment, materials, and more in the event that something goes wrong.
Builder’s risk insurance, sometimes referred to as course of construction insurance, is intended to provide financial protection against any incidents that may occur over the course of a construction project. This includes renovations as well as ground-up builds. This type of insurance serves as a barrier against paying out-of-pocket for significant costs, making it a crucial part of many construction companies’ insurance portfolios.
Though specific coverage will vary among different insurers and policies, builder’s risk insurance is designed to provide financial assistance in the event of an incident that affects job sites. These incidents may include fires, explosions, criminal activity and severe weather events. Among the items covered by builder’s risk policies are:
Builder’s risk coverage is often purchased and maintained by the general contractor of a project, though it may also be the responsibility of the property owner, or even the architect. No matter who officially holds the policy, though, every party with a financial interest in the project should be named in it.
As noted above, builder’s risk policies vary widely, and amount of coverage needed depends on a number of factors. In general, though, the higher the cost of the project, the more coverage the policyholder needs. The policy should incorporate coverage limits that cover the estimated total cost of construction.
ProtectALL Insurance is committed to helping parties involved in construction projects find the coverage they need. Reach out to one of our agents today to help secure your project.