Builder’s Risk Insurance Quotes

  • When you purchase a new piece of real-estate, you will most likely get building insurance quotes to protect your investment. But what if you are building or having a new building constructed for you?

    Once occupancy is approved, you would get your quotes for insurance to protect your new building. However, what happens if you are half way through your new building construction – of which you would have paid for on a progress draw schedule? Construction projects require a special kind of insurance for protection from a wide variety of risks

    It is wise to have insurance on your project from the time construction starts. There is actually insurance available to you that is designed specifically for that purpose – Builder’s Risk Insurance. This insurance coverage is a project specific protection policy that every owner or builder should have in place at the onset of any construction project.


    Wikipedia defines it this way:

    “Builder’s risk insurance insures against the risk of physical loss or damage to property during construction. Builder’s risk insurance is typically written on an “all risk” basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.” ( http://en.wikipedia.org/wiki/Insurance )

    Also called Contactor’s Risk Insurance, or All Risk Insurance, this coverage can be beneficial to all parties on a construction project. Owners, Contractors, Architects, Engineers and Consultants can all make use of this type of insurance coverage.

    Available coverage varies depending on where in the world you live. In the broadest sense, this all risk insurance is just that. Unless a hazard is specifically excluded, it can cover risk of lightning, explosion, flood, earthquake, rain or snow damage, theft, poor workmanship, negligence even human error

    Your insurance broker can get contractor’s risk insurance quotes from many different insurance carriers. Whether your new building is a metal building kit or other type of construction, make sure that you get the coverage you need for your peace-of-mind and investment security.

 

 

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