Builder’s Risk Insurance in Connecticut
During a construction project, the building or structure under construction, building materials, supplies and equipment can all be damaged. This can lead to significant financial losses for your business. Securing a builder’s risk insurance policy may protect against these exposures.
Contact Newberry Insurance for assistance in obtaining a builder’s risk insurance policy that provides the coverage you need. Our knowledgeable agents are ready to help.
Do You Need Builder’s Risk Insurance?
Many entities should consider a builder’s risk insurance policy as it can safeguard parties that have a financial interest in the construction project. Typically, a general contractor or project owner obtains the policy as the primary insured. However, additional insureds may include the following:
What Does Builder’s Risk Insurance Cover?
Builder’s risk insurance may provide financial protection if commercial property loss occurs due to events such as fire, wind, theft or vandalism. It may cover:
· Residential buildings under construction.
· Commercial buildings under construction.
· Building materials and supplies at a construction site.
· Building materials and supplies in transit.
· Building material and supplies stored off-site.
Additionally, coverage may be available for loss of construction-related documents, debris removal or damage to temporary structures (e.g., signs). Builder’s risk insurance may also cover “soft costs” through an endorsement. This may protect against financial losses when property damage delays a construction project (e.g., additional taxes accrue or rental income is lost).
When Does Builder’s Risk Insurance Coverage Take Effect?
Specific policy terms may start or end coverage for various reasons. Typically, it begins when the contracts are signed, and it may end when:
· The policy expires.
· The policy is canceled.
· The project has been completed for an established number of days (e.g., 30 or 90).
· The purchaser accepts the property.
· The property is put to its intended use.
Make sure to work with your agent on specific events that start or stop coverage. We can help you secure the coverage you need, when you need it.
How Much Does Builder’s Risk Insurance Cost?
The cost of a builder’s risk insurance policy depends on several factors. The construction project’s timeline, type, location and your selected limits may impact premiums.
Contact Us Today
The team at Newberry Insurance can help you secure the builder’s risk insurance coverage that is right for you. Contact us to get started or for a quote.