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Builders Risk Insurance

Protect your project as it’s being built.

Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. It’s possible for the property owners to take out such a policy, though more commonly it’ll be a policy they insist the contractors take out.

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The key areas of coverage are damage caused by events such as fire and hail storms. You’ll also normally be covered for theft and vandalism (though not by your employees) and damage caused by vehicles or aircraft hitting the building. To make sure coverage levels are adequate, policies are often set at a fixed percentage of the total construction budget. You’ll need to check how long the policy runs as it typically won’t allow repeated extensions of the construction timeline.

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It’s important to be aware of what builders risk insurance doesn’t cover. Unless specifically stated, it won’t cover specific increased risks such as flooding on a beachfront construction or earthquakes near a fault line. It also doesn’t cover injuries suffered by workers, meaning you’ll still need any legally-required workers’ compensation insurance coverage, as well.

 

If builders risk insurance sounds right for you, contact us today for a quote.

Builders risk insurance is the backbone of a successful risk management program.

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Contact us for a free insurance quote now.
 

UNION BAY RISK ADVISORS LLC
805 Estelle Drive, Suite 102
Lancaster, PA 17601
Monday - Friday: 9:00 am - 5:00 pm
Fax: (866) 517-1868
Email: info@unionbayrisk.com
For Brookside Insurance customers click below:
Brookside Insurance
For Maple Insurance Group customers click below:
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Have a question? We are here to help.

Please visit our contact page and we will get back to you as quickly as possible.

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© 2022 Union Bay Risk Advisors LLC. All right reserved. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site. No binder, insurance policy, change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly by a licensed agent.

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