Because every construction project is unique, each builder’s risk policy is different. You can customize your policy to fit your project’s needs by getting coverage extensions.

Builder's risk insurance, also known in some areas as course of construction, is a unique property insurance. It's a form of insurance that covers a building where the building or insured area is presently being constructed. It can cover just the structure or the on-site materials waiting to be installed or transported to the job site and is a type of insurance that most owners will ask every contractor to carry.

The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). Therefore, the construction budget is the best source for determining the appropriate insurance limit.

This is where confusion often arises. For example, a contractor might ask: 'Why do I need builder's risk insurance when I have contractor's general liability insurance?' While, on the surface, the two coverages may seem similar, they play very different (but equally important) roles.

While builder's risk insurance covers the contractor's property or equipment during construction, the contractor's general liability insurance policy covers bodily injury, property damage, and any resulting liability that may arise from possible accidents. In addition, it protects contractors if they're accused of causing injury or property damage.

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It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.