property being constructed
Builders Risk Insurance
Builders Risk Insurance is a policy is designed to provide coverage for buildings while under construction. It covers the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job.
builders risk insurance policy
Commercial and Residential Construction Sites
Builders Risk Insurance usually is in the name of the contractor or the property developer; but it could also be in the name of the property owner if he is responsible for insuring it while the property is under construction. Both commercial and residential construction sites might be covered under a builders risk insurance policy.
Comprehensive insurance coverage
specialized needs of a particular construction project
There are also additional built-in schemes for the specialized needs of a particular construction project, whether it’s commercial or residential. Often, insurance companies request a certain level of experience of the builder before they provide insurance coverage for their commercial sites. Usually, an experience level of 2-3 years in commercial construction is desired.