Are you considering a new construction or renovation project?
If so, you should understand the cost of purchasing a "Builder's Risk" insurance policy to protect the value of your construction project while in progress. A Builder's Risk policy, also known as a Course of Construction or "COC" policy, provides insurance to cover the value of the project during all phases of construction from physical damages such as theft, vandalism, fire, lightning, windstorm, etc. The coverage protects the structure being built or renovated and any building materials on the construction site and swimming pools, retaining walls, garages, docks, etc.
Designed to protect owners and contractors from the devastating impacts of a loss and ensure funds are available to complete the project, Builder's Risk insurance will pay even if you have to start over.
If your project is in an area prone to damage from hurricanes, floods, wildfires, or earthquakes, the need to insure yourself against financial loss from natural disasters such as these is vital.
The Builder's Risk policy can cover all parties with a financial interest in the construction project, including the owner, general contractor, and subcontractors. The policy can be purchased by either the owner or the general contractor.
Please give us a call to discuss the specific insurance requirements for your construction project with our professionals. We represent the premier insurance companies offering the best coverage at the most competitive premiums. We can tailor a range of coverage to meet the unique needs of your project, including additional liability insurance for the owner.