Builders Risk insurance is a type of property insurance. It covers any building that is under construction, renovation or repair work. Such insurance policies provide coverage during the course of building. As such, it is usually purchased by the contractor or real estate owner. We also cover construction materials before they have been installed on a job site.
It is important to have the appropriate insurance before commencement of work. Our insurance professionals are expert knowledge banked on years of experience in the field. We advise you on the best suitable insurance policies depending on your coverage requirements.
Why You Need Builders Risk Insurance
Usually, building contracts need the building area to have insurance for the duration of the construction period. But, most people overlook the policy period at the time of purchasing the policy. Take note of the date the coverage begins and when it terminates to best protect your interests in the project.
You have the option to buy a builders risk insurance policy for three to twelve months. But, most construction projects are prone to extension. Thus, the policy provides for extension of insurance cover once for every construction project.
Types of Builders Risk Covers
Builders risk insurance policies compensate for damages up to a specific threshold limit. This threshold limit depends on the cover you opt for. Most builders risk insurance policies provide cover against the following perils:
- and many more
How Can Beneficial Insurance Help
As insurance brokers, we work with a vast amount of insurance firms to get you the best rate and serve you better. Our legal experts help ensure the building has enough cover against all the relevant risks before you start the project. We also do comparison shopping to find you the best insurance policy at the least cost.
Considering a renovation or construction? Speak to our experts at 403-250-3121
We provide affordable and comprehensive insurance policies to meet your specific commercial requirements. Call 403-250-3121 to get a competitive insurance quote. Click here to know about the other services we offer.