Don't leave everything to chance; keep yourself protected with an insurance
Damage from the following events will be covered by most policies:
A builder’s risk insurance policy helps protect your construction projects from certain kinds of property damage. It can also help cover additional soft costs, or expenses not directly related to construction, if property damage causes a delay. This can include:
Because every construction project is unique, each builder’s risk policy is different. You can customize your policy to fit your project’s needs by getting coverage extensions.
This is where confusion often arises. A contractor might ask: ‘Why do I need builder’s risk insurance when I have contractor’s general liability insurance?’ While on the surface the two coverages may seem similar, they play very different (but equally important) roles.
While builder’s risk insurance covers the contractor’s property or equipment during construction, the contractor’s general liability insurance policy covers bodily injury, property damage and any resulting liability that may arise from possible accidents. It protects contractors if they’re accused of causing injury or property damage.
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