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What is Builders Risk Insurance?

Builders risk insurance, also called course of construction insurance, is insurance designed for buildings during the construction process. Builders risk covers many risks including the structure, and the materials on site waiting to be installed, in storage, or transported to the job site. We usually write the builders risk coverage for the total completed replacement value of the job or project.

Builders risks policies can be written specifically to cover the construction term; usually three, six, or twelve months. The policy will cover the same perils of most property polices including fire, wind, theft, vandalism, lighting, etc.

Who Should Consider Builders Risk Insurance?

There are a number of parties involved in a new construction project.  Each party has an interest in the project, and might consider builders risk insurance. The contractor, project manager, and building owners all have interests that need to be protected.

Contractors, owners and project managers often mistakenly think their business insurance policy will cover building during the course of construction. There will be no coverage under a standard business policy for property loss, unless it has been added by endorsement or under a separate policy.

Excluded Property Under A Builders Risk Policy

There is a relatively short list of property that is not covered under a builders risk policy. This includes automobiles, landscaping, money, contractor’s tools, equipment and machinery.

If you have purchased builders risk insurance for a project or building, read your policy carefully to become familiar with the policy language and find out whether there are any exclusions or items that will not be covered.

Over the past 26 years, Worthington Insurance, Inc has been a part of its vibrant tight knit Yardley community. We are Worthington Insurance specializing in auto, home, contractor and business insurance as well as insurance in Philadelphia, Yardley, Morrisville, Langhorne, Newtown, Bensalem, Levittown, Bucks County and surrounding areas in Pennsylvania and New Jersey.

Posted 10:53 AM  View Comments

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