For Your Next Big Project, Make Sure to Have a Builder’s Risk Policy
Builder’s insurance provides a wide range of coverage for different situations and circumstances relating to active construction projects. Builder’s risk insurance is part of builder’s insurance and is designed to cover risks associated with a construction job-site on which a structure is being built but has yet to be completed.
Aside from providing coverage for the in-progress structure, builder’s risk insurance can also cover the materials on the job-site that will be used for completing the building. In most cases, the maximum coverage provided by builder’s risk insurance is the appraisal value the structure will have once it is completed, excluding the value of the land upon which it was built. This type of insurance is typically short-term, since it covers the active construction rather than the completed building. If the construction project is delayed or takes longer to complete, the policy can often be extended.
Builder’s insurance generally covers damage or loss due to most natural disasters or those circumstances which are beyond the control of the builder, company, or individual being insured. Some examples of covered incidents include fire, wind, hail, vandalism, and theft. Situations that would not be covered would include earthquakes, employee theft, government actions or acts of war, contract penalties, and weather damage due to negligent storage of building supplies or materials.
If you are in need of builder’s insurance or a builder’s risk policy for your next construction project, let our expert agents at Schumacher Insurance Group work with you to obtain the coverage you need at a rate you can afford. Contact us today to learn more about how we can help you meet all your business and personal insurance needs.