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
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
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.
Take a look at our
Punch Design Software page to
see a variety of architectural design products that are designed for easy use by
home-owners and professionals alike!