Builders Risk Insurance

Builders Risk Insurance

About Builder’s Risk Insurance

Builder’s Risk Insurance covers the area or property that is currently being constructed. It may cover the structure of the building, on-site materials, or the transportation of materials to the job site itself. This type of insurance is mandatory for contractors and is needed before work begins on a building or 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, materials and soft-costs contained within the project.

Included Coverages

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

Limited or Excluded

The following items are limited or excluded.

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 depending on the required coverage(s) 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 insurance claim that is needed in order to solve any issues with your next construction project.

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