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Builder's Risk Insurance

Buildings are generally the most vulnerable to damage or destruction while they are being constructed. Due to their incomplete state, many times the features or important structures that would traditionally stabilize the structure are absent.

To protect against the risk of a partially completed building being damaged or destroyed, construction companies can take out builder’s risk insurance. Builder’s risk insurance protects against losses due to a list of perils, including fire, vandalism, lighting, wind, and several others. However, like most basic liability insurance policies, there are exclusions; for builder’s risk insurance, that typically includes earthquakes, floods, or acts of war. Unique to builder’s risk insurance is that it typically only provides coverage during the construction period, giving it a more flexible insurance period.

Builder’s risk insurance is typically purchased by the owner of the building, since it is their investment to protect, however sometimes the general contractor may buy builder’s risk insurance as a condition of their contract. Proof of builder’s risk insurance might be required by building codes as well. Builder’s risk insurance can also be set up to cover just the structure or also the materials on the building site or waiting to be moved to the building site.

Shopping for a builder’s risk insurance policy and finding the best coverage for your property can take a lot of time and research; however an independent insurance agency such as the Boardwalk Insurance Group can do much of the shopping for you. Fill out some simple forms and answer a few questions online about yourself and a representative from Boardwalk Insurance Group will contact you quickly to help create the best builder’s risk insurance policy for you and your property. Boardwalk Insurance Group representatives have access to 23 different insurance providers and can take the time to understand your needs when creating the builder’s risk insurance policy that will best fit your needs.

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