Builders' Risk Are High! Be Safe with Builders Risk Insurance
Builders' Risks Are High! Be Safe with Builders Risk Insurance
What if there is an incident while a property is being fixed or built? Accidents can happen at any time, and therefore it is essential to have coverage for projects from the moment they are being completed.
For instance, what would happen if fire originates and the construction materials and unfinished structures of your house burned beyond repair? In this situation, it would be essential to have insurance that can cover and repay for a damaged, unfinished property as well as the materials that contractors are using to complete the project. Luckily for everyone, this kind of insurance exists and is often referred to as course of construction insurance or builders' risk.
Course of Construction
The Course of Construction or Builders' risk is property insurance designed to protect the owner's property, the contractors (both general and subcontractors) and other project participants during the course of a specific project. This coverage can be obtained by either the owners of the property being built/fixed or by the general contractor providing the construction services. If this insurance is in place, both the project owner and the contractors working on the project can be assured that they will be covered for the labour cost, the material cost required to rebuild the project in case of an incident. Some incidents often covered by Builders' Risk insurance are the damage to the structural property due to fire, incidents of theft and vandalism within the working site, and some structural and material damages caused by weather.
To learn more about builders' risk insurance and its coverages, consult with us. Here we leave a link to our insurance inquiry form for builders risk insurance.