Business Builders Risk

ConstructionBuilder’s Risk Insurance Policy, Contractors Risk Insurance Policy, or Construction Insurance Policy. Builders Risk Insurance Coverage

A building under construction requires a special form which covers the unique loss exposures of buildings under construction, a Builders Risk Policy.  Until it is complete, it is not a building or a House, therefore it can not be covered under a standard Building Policy or a Home Insurance policy, it needs to be insured under a Builders Risk Insurance Policy . Coverage increases automatically as the construction progresses, and is terminated upon completion. Builder’s Risk Insurance should be replaced with permanent insurance once the building is ready for occupancy.

Regan Insurance Agency Specializes in Builders Risk Insurance, our dedicated team negotiates with insurance companies to get you the best coverage at the lowest cost.

A Builders Risk Insurance Policy

Provides coverage for homes or buildings while undergoing construction.  It covers the contractor’s interest in materials at the job site before they are installed, construction materials in transit designated for the renovation, remodel or construction and the value of the property being constructed until it is completed.  The policy may be written to cover the whole building, house or structure for new construction or the cost of Remodeling or Renovation projects.  It can also be used to cover specific projects such as a new porch, additional room, new kitchen or bathroom.

Who Carries the Builders Risk Insurance Policy?

The policy holder of a Builders Risk policy is usually contractor or developer of the property.  However, it may be the building owner or homeowner if they are the General Contractor for the project or responsible for insuring the property during construction.  A mortgage holder may be added request to be added to the policy if there is a construction loan behind the construction cost.

As with all other forms of Insurance, deductible options vary and higher deductibles will can to significantly lower your premium.

Because a Builders Risk Insurance Policy is a Construction Form, the durations available may vary, typically from 3 months to a year.

What Else does Business Builders Risk Insurance Cover?

Business Builders Risk Insurance policy is strictly a property form policy, it only covers the structure, it does not cover any construction liability or contractors liability, however we do offer some important options.

You may add the following to your Builders Risk Policy:

  • Coverage for Soft Costs
  • Coverage for Profit