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Builder's Risk Insurance
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What is builder’s risk insurance?

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Builder's risk insurance

Builder's risk insurance is also called course of construction insurance. It provides coverage for structures under construction for damages related to fire, theft, vandalism, and other risks.

When do small businesses need builder’s risk insurance?

Builder's risk insurance covers damage to a construction project caused by weather, fire, vandalism, or theft. If an unexpected event harms the structure or materials on your construction site, this insurance policy pays for the repairs or replacements needed to get the project back on track.

Because of this protection, builder's risk insurance is a key policy for construction and contracting businesses. In fact, your clients might request that you carry this policy before you begin work.

Learn more about builder's risk insurance coverage.

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Builder’s risk insurance benefits:

  • Protect a structure in progress
  • Safeguard construction materials
  • Fulfill client requirements
  • Cover the unique risks of working on someone else's property

How does builder’s risk insurance work?

Builder’s risk insurance is a type of property insurance that lasts only for the duration of a construction project. The policy usually goes into effect before the first materials arrive at the construction site and it expires as soon as the project is complete. It may be added as an endorsement or purchased as a separate policy.

Who is eligible for builder’s risk insurance?

Anyone with a financial stake in a construction project can purchase builder’s risk insurance to protect their investment from weather, fire, vandalism, or theft. General contractors, subcontractors, and property owners can purchase this insurance policy.

Builder’s risk insurance is usually more important for contractors than property owners, since courts typically hold contractors liable for construction site damage.

Builder’s risk insurance costs

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The cost of builder’s risk insurance depends on the total completed value of the structure, not including the land. Relevant factors include:

  • Materials
  • Labor
  • Number of employees
View Costs

Learn more about builder’s risk insurance

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