Builder’s Risk Insurance, also known as Course of Construction Insurance, is a type of property insurance that protects buildings and structures during the construction or renovation process. It covers various risks such as fire, theft, vandalism, and weather-related damages that could occur while the project is underway. This type of insurance is essential for contractors, builders, and property owners to ensure they are protected from financial losses that can result from unforeseen events during construction or renovation.
Without Builder’s Risk Insurance, builders and contractors face significant financial risks if something goes wrong during the construction or renovation process. It provides critical coverage for damages to the property itself, tools and equipment used on-site, and even protects against liability claims if someone is injured during the construction process. With coverage for delays caused by covered risks, this insurance ensures that builders can focus on completing projects without the worry of unexpected costs.
Covers damages to structures under construction caused by fire, theft, or vandalism.
Safeguards against damage from weather events like wind, hail, rain, or lightning.
Covers tools and equipment used during construction in case of theft or damage.
Provides liability protection if someone is injured on the construction site.
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