Builders Risk Insurance - What is it and do you need it?
Are you building a house? What about another construction project such as an apartment building or a retail business space? Chances are you will need a builders risk policy. What is a builders risk insurance? It is as simple as construction insurance. It covers the supplies on site and the structure while it is being built. It also covers certain types of tools and construction equipment.
Builders risk insurance covers against perils such as fire, wind, explosions, hail, theft, lightning, vandalism and other "acts of god." Builders risk is best for anyone who has financial risk in the construction of a project. Most of the time this is the developer or the owner of the land. The amount of building coverage is up to the person in charge and how much they want to insure it for. If you are unsure of the amount of coverage you need, we can always help you determine this.
It is also important to make sure that all the contractors that work on your project have general liability, commercial auto insurance and workman's comp. Call us today for for questions and a free quote.