Builder’s Risk Coverage: Know What You’re Getting Into Before Your Next Project
If you are doing large or small construction or renovation projects on commercial or residential properties, one type of insurance coverage you may need is builder’s risk coverage. This type of insurance policy offers coverage for building components like fixtures, machinery and equipment, building supplies, and other aspects of the construction project.
When considering the policy provisions of your builder’s risk coverage insurance, an important thing to take note of is what the policy does not cover, because those items may be things that you could be financially liable for out of your own pocket in the event of loss of some kind. Builder’s risk coverage may not include coverage for the land upon which the structure is sitting or is being built. Other things that may not be covered could be materials, equipment, and supplies that are in-transit, any signage that is not attached to the building, and theft of supplies and items from the job site.
If the policy does not cover specific things, you can often have additional coverage added to apply to those items if you deem it necessary. Find out more about builder’s risk insurance policies when you contact us at Schumacher Insurance Group today.