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    Builders’ risk insurance is a very specialized property insurance that protects an ongoing construction project. It can either be an area where a new building is to be erected or an existing building being renovated. 

    Usually, it is required by the clients for the general contractor to be obtained before a project begins. Builders’ risk not only protects the building, but also equipment, on-site and in-transit materials, and other structures being built on-site. The in-transit materials are also covered by the installation floater, however, builders’ risk provides additional coverage.

    The duration is usually 3, 6, or 12 months which can be extended in case of a delay in project completion. 

    You can call now and talk to our builders’ risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    Builders’ risk vs. general liability

    General liability covers third-party claims related to bodily injury or property damage due to accidents on site; whereas, builders’ risk insurance covers a contractor’s equipment, material, and property.

    It is actually closer to commercial property insurance than general liability insurance, even though that has its differences as well.

    Construction vs. renovation project

    For a brand new construction project, builders’ risk insurance covers the whole area where the building is to be erected, including the materials, extra structures within the area, and of course, the new construction itself. It is all covered until the building is completed and handed over to the client.

    In case of a renovation project, however, the policy needs to be customized so that the existing building can be added to the policy and to make sure that there are no gaps in the policy.

    You can call now and talk to our builders’ risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    What does builders’ risk cover?

    Builders’ risk installation covers the following types of projects:

    • New construction
      • As the name suggests, it is to cover newly built buildings and can include residential or commercial projects; houses, office buildings, restaurants, malls, apartment buildings, duplexes, etc). For example, a brand new multi-functional, mixed-use building going up on the main boulevard or a new house being built on an empty lot.
    • Remodeling
      • This is all about changing an existing structure without demolishing the whole building. It includes all updates to the interior and/or exterior of a building. This can vary from adding a structure to an existing building to the kitchen remodeling of a small house. Time can vary 
    • Installation
      • This implies prefabricated fixtures or structures that are built off-site and then brought on-site to be fixed. This has a very swift window of time and a very limited scope of work. It can include installing kitchen cabinets in a house to installing a gazebo outside.

    What does Builders’ risk not cover?

    Natural disasters such as earthquakes and tornados are not covered by the builders’ risk policy. They will need to be added for a higher premium to the main policy. Other common exclusions are:

    • Employee theft
    • Water damage
    • War and terrorism
    • Government actions
    • Contractual penalties
    • Mechanical breakdowns
    • Faulty design, planning and workmanship
    • Employee injuries

    You can call now and talk to our builders’ risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    What are the types of builders’ risk policies?

    You can always customize your builders’ risk policy as per your needs and requirements as a company. However, to start with there are the following types of builders’ risk policies available:

    • Single project
      • This builders’ risk policy is ideal for the contractors who work on one project at a time, be it installation, remodeling or new construction.
    • Reporting form
      • This builders’ risk policy is most suited to contractors who have multiple new construction projects going on simultaneously. They can add new projects as they begin and remove thrones that have finished. These projects are under the builders’ risk policy as soon as they are added to the reporting form.
    • Blanket deposit premium
      • This builders’ risk policy is specific more to the company size than anything else. If a company works around 25 new construction projects per year, this is a good coverage policy for them, as they can deposit a premium without having to report any new project they have begun working on.
    • Blanket installation
      • This policy is specifically for installation work that the contractors are doing on any residential or commercial property.

    You can call now and talk to our risk experts for a detailed discussion and advice on a builders’ risk policy and which one will suit you the best as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    Who is builders’ risk insurance for?

    Builders’ risk insurance is mainly for contractors involved in any sort of construction projects. It is important for everyone involved in the project; workers and investors, to be protected during the construction, including;

    • General contractors
      • As the people responsible for directly overseeing the progress of the project and ones with the greatest risk involved, the general contractor should be the first person listed on a builders’ risk policy.
    • Developers/property owners
      • Listed second on the policy in terms of risk involved, the developers can also come in first if the general contractor agrees.
    • Subcontractors
      • The builders’ risk policy should include, on principal, the names of all the subcontractors involved in the project as they could need coverage from certain financial loss.
    • The bank
      • In case of banks financing the project with a loan, they are also named on the policy to protect them. Especially in case of a mortgage, it is always included in the builders’ risk policy.

    It makes perfect sense to add anyone who has a direct stake in the project and can suffer from a financial loss if there is an accident. You can call now and talk to our builders’ risk experts for a detailed discussion and advice on a builders’ risk policy and which one will suit you the best as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    Having discussed everyone who should be named on the policy, it raises the question of who pays for the builders’ risk policy at the end of the day?

    It is usually the developer, property owner, or the general contractor who buy the coverage, since they have the most to lose incase of an accident or problem. It is decided before beginning a project as to who will buy it. However, regardless of the person who purchases the builders’ risk policy, everyone, as mentioned above, is covered by it.

    Who doesn’t need the builders’ risk coverage?

    It is people who do not have a stake in the project at the construction stage who do not need the builders’ risk policy and aren’t likely to suffer from a financial loss. For example, material providers and architects, who are paid in advance.

    You can call now and talk to our builders’ risk experts for a detailed discussion and advice on a builders’ risk policy and which one will suit you the best as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    Why is the builders’ risk policy required?

    Builders’ risk insurance policies were put in place originally because of the legalities involved in construction projects according to which a construction project is considered property as soon as the construction begins. This means that the person responsible will also be held responsible for any damages during the construction and so that the equipment and property is also protected.

    Coverage provided by the builders’ risk

    Usually a builders’ risk policy covers:

    • Weather damage
    • Fire or explosion
    • Vandalism
    • Theft

    It is important to make sure that your policy limit covers the estimated total value of the project. You can call now and talk to our builders’ risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    Extensions you can add to the builders’ policy

    As there is no standardized coverage, the terms of a builders’ policy can vary vastly between one and the other policies. However, there are a number of add-ons you can use to modify the builders’ risk insurance policy as per your specific requirements to provide good coverage for you, your projects, and your business.

    Here are some of the most common extensions:

    • Faulty workmanship
      • It extends the coverage to damages caused by bad workmanship
    • Property in transit
      • It protects the property being transported to and from the construction site
    • Property in temporary storage
      • This is for the property being stored before installation
    • Scaffolding
      • Includes all the scaffolding and temporary structures on site during the construction under the coverage
    • Debris removal
      • This covers the debris removal caused by a peril included in the main policy
    • Sewer backup
      • If there is a sewer blockage, the water damage is covered
    • Delay in completion
      • Delays and the income loss and expenses that come with it, caused by a peril covered in the main policy, are covered by this extension to the builders’ risk insurance policy

    You can call now and talk to our builders‘ risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    What does the builders’ insurance cost?

    The biggest factor is the cost of your construction project. As mentioned before, the policy coverage needs to be as close to the estimated cost of the project as possible. It usually costs between one to four percent of the whole project cost. Other factors that dictate the cost of the builders’ risk policy are stated as followed:

    • Claims history 
    • Experience
    • Location of the project
    • Policy limits and coverages
    • Length of the project
    • Size of the projects included in the policy
    • Quality of the materials
    • Extensions added
    • Subcontractor Cost 

    You can call now and talk to our risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    Time limit of the builders’ policy

    The builders’ risk coverage is not valid once it is expired which is in the following events;

    • The property is sold
    • The property is occupied
    • The policy expires

    You need to come up with a proper policy to protect the building once it has been completed and the builders’ policy has expired. You can call now and talk to our risk experts for a detailed discussion and advice on a builders’ risk policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

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