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. Therefore, builder’s risk insurance is necessary, to help protect not only these buildings under construction but also the building or property owner.

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 to not only 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 from New York, New Jersey, Connecticut, and Pennsylvania with any questions you have to help you meet your needs:

Find the best insurance carrier and coverage options that are specifically designed to best cover your risks, while controlling costs
Understand what builder’s risk insurance covers and does not cover
Based on your construction project, find out the necessary coverage needed to minimize any financial loss in case of accidents or damages that may occur

Did you know?

Like some other construction-related insurance, builder’s risk insurance may be required to be purchased before starting on a construction project.
Each construction project is unique, hence, you can extend your policy to include protection for other materials such as scaffolding and other temporary structures.
Builder’s risk insurance policy is a temporary insurance policy and usually starts on the date when the contracts are signed. It is also important to be aware of when the coverage ends.

Related Coverage

In general, if your construction project has a high cost, your builder’s risk insurance policy may also be high. The best way to find out is to click the below button!