Many homeowners these days are choosing to remodel their homes rather than build a new one. Very often a remodel can make a world of difference. Businesses are no different, and if a company is particularly profitable, remodeling might be a necessary step to allow for expansion.
Builders Risk Insurance
Builders risk insurance, also known as Course of Construction, addresses a special set of risks contractors face while they are working on a project. Contractors can protect their materials, supplies, tools, equipment, machinery, and even their completed work while a project is under construction with builders risk insurance.
Builders risk insurance provides coverage for a project and your assets during the course of construction, which is why it’s also known as course of construction insurance. It protects your investments and equipment, and provides a backup plan in the event an unexpected event sends your progress off course.
What Does Builders Risk Cover?
Builders risk insurance addresses the risks that some of your other contractor insurance policies may not cover. For example, your tools and equipment may be covered under your commercial property insurance policy when they’re kept at your place of business. But your property insurance won’t cover them once they are out on a project site. If the materials and supplies that you’ve invested in are stolen or damaged while on a project site, no other construction insurance policy provides the same peace-of-mind as builders risk coverage.
With builders risk insurance, you can be reimbursed for financial losses in the event of:
Damage to a Structure in Progress
If a fire or vandalism destroyed work that you have already completed on a project, builders risk can cover the cost to tear down, cleanup, and restart.
Onsite Theft
Construction site theft is not a rare occurrence, unfortunately. If copper wiring, high value tools, or other materials, equipment, or supplies are stolen from your project site, builders risk will cover it.
Damage from Weather Events
Hailstorms, windstorms, and rainstorms can wreak havoc on your structure, materials, and supplies. Builders risk can cover the damage, cleanup, and repair if a non-severe weather event damages your investment.
It’s not just your materials and supplies that are invested into a project. If you need to start from scratch, clean up damage, or replace stolen investments, it could cost you. Builders risk offers a very special safety net against the risks that you face while you are working on a project, protecting you against losses that could really cause a setback.
Get Builders Risk Insurance Today
InterWest Insurance Services specializes in finding contractor insurance solutions to meet your individual needs. We currently offer builders risk insurance for contractors, home builders, and owner builders. Call us today at (800) 579-6369 for a quote to insure your project against the perils it faces during the course of construction.