Breaking Down Builders Risk Insurance

Breaking Down Builders Risk Insurance

experts at iSure Insurance Agency

Construction projects are inherently risky. Whether it’s commercial or residential, getting to the finish line requires a lot of effort and overcoming major obstacles. To protect against these risks so that your project reaches the end product, you’ll need to be sure to carry ample amount of insurance coverage. One of the more important coverages that you’ll need is builders risk insurance.

What Is Builders Risk Insurance?

Also referred to as risk insurance for builders, it is a policy that protects you in case disaster strikes your project while in-flight. If your equipment or the structure itself becomes damaged or lost, your policy will cover the cost to repair or replace the impacted items.

What Incidents Are Covered?

According to the experts at iSure Insurance Agency, incidents that are usually covered by most policies include:

Fire damage to the structure
Theft or vandalism of the structure or materials while at the project site
Damage to materials while in transit or in temporary storage
Losses due to laws or ordinances

What Incidents Aren’t Covered?

Traditional builders risk policies don’t cover losses due to floods, windstorms, or any penalties or taxes due to delays in the project. You should ask your insurance agent to make sure these perils can get added to your policy.
Having enough insurance coverage is vital to your project’s success and should not be taken lightly. Work with your agent to build out a package that suits your needs.