Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. The key areas of coverage are damage caused by events such as fire and hail storms. You will also normally be covered for theft and vandalism (though not by your employees) and damage caused by vehicles or aircraft hitting the building.
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 need any workers’ compensation insurance coverage, as well.
If builders risk insurance sounds right for you, contact us today for a quote.