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Builders Risk Insurance

Builders risk insurance policy provides coverage for any damage or loss exposures resulting from the buildings that are under construction. This policy is essential for businesses in the construction industry. It provides a wide range of coverage to businesses in the construction industry. Builderu2019s risk insurance has become an essential policy due to the increased risk factors in the construction business. Construction projects are a risky business. From the start of the project until its completion, it is almost impossible to predict what might hit you and affect your project. Thus, having a builders risk insurance will protect you and your business from any threats that might come your way. Click here to learn more about builders risk insurance. https://quotezebra.com/builders-risk-insurance/

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Builders Risk Insurance

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  1. Builders Risk Insurance  Protection While Under Construction

  2. Risks Faced By Construction Sites • Construction sites are prone to risks such as vandalism, theft, and weather damages. • The building or structure needs protection while it is under construction. • Builders risk insurance helps to safeguard against loss that occurs due to these risks.

  3. What is Builders Risk Insurance? • Builders risk policy is a specialized commercial property insurance that covers structures or buildings while they are under construction.  • The plan is available for these establishments: • Ground-up new construction • Remodeling/ Renovation • Installation • It protects both business owners and property owners from exposed losses.

  4. Who needs this policy? • Anyone who has an insurable interest in construction projects need builders risk coverage. They are: • General contractors • Building or property owner • House flippers, development companies, retail companies 

  5. How does builders risk insurance work? • The insurance policy provides coverage in the course of construction. • It is usually purchased for specific terms such as three, six, or twelve months.  • The protection ends when these events occur (whichever is the earliest): • Occupancy • Closing of the sale • Abandonment of project • Expiry date of the policy

  6. What does a builders risk insurance policy cover? • Builders risk insurance policy covers the following properties: • Structure/building • Materials • Supplies and tools • The policy covers these properties against these risks: • Weather damages • Theft and vandalism • Vehicles/Aircraft damages

  7. Standard exclusions in a builders risk insurance • Workplace accidents and injuries • Third-party liability • Faulty design and planning • Employee dishonesty and theft • Mechanical and equipment breakdown • Acts of war • Water damage • Earthquake • Intentional damage

  8. Types of insurance that includes builders risk insurance • Construction Insurance • Entertainment Insurance • General Contractor Insurance • Handyman Insurance

  9. Factors that determine the cost of builders risk insurance • Project location • Renovations and remodeling projects • Construction materials • Project duration

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