Builder’s Risk Insurance

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Builders Risk Insurance in NJ

About Builder’s Risk Insurance

Builder’s Risk Insurance covers the area or property that is currently being constructed. It can cover the structure of the building, on-site materials, or the transportation to the job site itself. This type of insurance is mandatory for contractors and are needed before building/working on a project that requires construction.

This type of insurance policy will pay for damages up to the coverage limit. Setting the proper limit is important because it must accurately reflect the value of the structure itself.

Included Coverages

Some of the coverage that can be covered are the following:

All Materials

Labor Costs


Wind (Please check with your broker to determine if your location is within a coastal area).





Other Weather Activity (Lighting, heavy rain damage, snow, sleet, etc…This is subject to change pending the situation of the claim.)

Limited or Excluded

The following items are limited or excluded.

Natural Disasters (Such as earthquake and open property water damage).

Contract penalty

Government action (Including war).

Mechanical breakdown

Employee theft

Please read your Builder's Risk Insurance policy to be familiar with its limitations and exclusions.

Cost of Builder’s Risk Insurance

The typical cost of Builders Risk Insurance is 1-4% of the entire construction cost. This depends on the type of coverage needed and the exclusions within the policy itself. There is a strong importance in discussing this with a Hardenbergh Agent that can talk you through this for you and your business to get the right coverage and to expedite the proper claim that is needed in order to solve any issues with your next construction project.