Also known as Course of Construction Insurance, Builders Risk is coverage normally held by the general contractor on a building project who acts as the primary insured. But, in various circumstances, it may also be purchased by anyone else with a financial interest in a construction project. Multiple parties may be listed as additional insureds regardless of who the primary insured may be including:
The specifics of a Builders Risk Insurance policy will vary slightly from carrier to carrier and should be tailored to each individual construction project. Details like time and duration of construction, the location of the building site, and the size and type of property can affect necessary coverage as well as policy rates. That’s why it’s important for contractors or invested parties to work with a qualified agent to ensure their Builders Risk Insurance is suited to the needs of their build. That said, Builders Risk Coverage commonly provides:
If you’re a general or specialty contractor, property owner, or investor in a new build or renovation, request a rate quote through the Insurance321 LaunchPad to get a free consultation with a coverage provider that will create a customized Builders Risk Insurance plan for your construction project. You’ll get all of the protection you need at a price that fits your budget.
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