Builder's risk insurance
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Builder's risk insurance
builder’s risk insurance is insurance for buildings under construction. If damage occurs due to severe weather that does not include a tornado, flood or earthquake. Fire, vandalism or theft at the construction site.
What is builder's risk insurance?
This insurance covers replacement or repair. This type of insurance may be required by contractors or even by law in some places. This insurance lasts and insures the facility only during its construction.
Insurance can be taken out for buildings that are under renovation as well as for buildings on which work has already begun.
Who pays for builder's risk insurance?
Because it is in the contractor’s interest not to incur additional costs. The client of the works will win in court if there is a dispute because the contractor is considered responsible for the condition of the construction site. So they are not interested in this type of insurance. And everyone must be listed as a beneficiary of the policy.
If by any chance the contractor takes out an insurance policy, be sure that you, as the contractor, are listed in the policy, i.e. everyone who may be injured or affect the course of construction of the building.
Builders risk coverage
builder’s risk insurance covers repairs to the building under construction and materials on the construction site in the event of theft, fire, bad weather conditions (wind, rain, hail) or vandalism.
The most common case is vandalism and theft. Because such facilities are not guarded at night. It is easy for someone to break windows, steal materials, destroy installations…
If there is a possibility of flooding or tornadoes. You can extend this policy to protect against weather disaste
Builder's risk insurance does not cover
Please note that this policy does not cover faults due to construction errors or the selection of incorrect materials. For such protection, you need Professional liability insurance
It does not cover your tools or workers
If there is a possibility of flooding or tornadoes. You can extend this policy to protect against weather disasters.
Builders risk insurance cost
The price depends on several factors. But consider that the price is between 1% and 4% of the total value of the finished building.
Of course, consider higher premiums if you work with expensive materials.
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