Builder’s Risk Insurance in Fresno CA & Madera CA
During a construction project, several exposures may result in property losses. The building or structure under construction, materials, supplies and equipment may all be damaged or destroyed. Securing the proper builder’s risk insurance may provide financial protection for your business against these losses.
The agents at CCIS Insurance Group can help you obtain a builder’s risk insurance policy that provides the coverage you need. Contact us for more information.
What Does A Builder’s Risk Insurance Policy Cover?
Several perils may damage property during a construction project, such as fire, hail, wind, theft or vandalism. Builder’s risk insurance may provide financial protection in these situations. It may cover:
· Residential buildings under construction
· Commercial buildings under construction
· Building materials and supplies at a job site, in-transit or stored off-site
Additionally, coverage may be available for debris removal, loss of construction-related documents (e.g., blueprints) or damage to temporary structures (e.g., signs).
“Soft costs” protections may be available through an endorsement as well. This may cover financial losses if property damage delays a construction project (e.g., additional taxes, lost sales, penalties or lost rental income).
Who Should Have Builder’s Risk Insurance?
Several parties may benefit from a builder’s risk insurance policy. Typically, a general contractor or project owner secures the policy as the primary insured, but additional insureds may include:
· Other parties with a financial interest in the property under construction
When Is Builder’s Risk Insurance Coverage Effective?
It is vital to note your policy’s provisions regarding when builder’s risk insurance coverage begins and ends. For example, coverage may start when the contract is signed, and it may cease when:
· the policy expires or is cancelled
· the project has been finished for a set number of days (e.g., 30)
· the purchaser accepts the property
· the property is put to its intended use
Specific policy terms may start or end coverage for other reasons. Work with your agent to ensure you receive protection during the desired times.
How Much Does Builder’s Risk Insurance Cost?
The cost of a builder’s risk insurance policy depends on several factors, including the project’s timeline, type, location and cost. Your selected limits may also impact premiums.
Contact Us Today
The knowledgeable agents at CCIS Insurance Group can work with you to find the builder’s risk insurance coverage you need at the best value. Contact us today to get started.