Builders Risk Insurance

Builders risk insurance in West Virginia and all 50 states.

Did you know you can protect your properties even before they are finished being built? Builders risk insurance protects from risks like fire, theft and more.

Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. It’s possible for the property owners to take out such a policy, though more commonly it will be a policy they insist that the contractors take out.

The key areas of coverage are damage caused by events such as fire and hail storms. You’ll also normally be covered for theft, vandalism (though not typically by your employees), and damage caused by vehicles or aircraft hitting the building. To make sure coverage levels are adequate, policies are often set at a fixed percentage of the total construction budget. You’ll need to check how long the policy lasts, as it typically won’t allow repeated extensions of the construction timeline.

This policy typically includes coverage for the building itself, general liability, equipment breakdown, as well as ordinance and law.

Whether you are the client or the contractor building the project, this is important coverage to have. Property owners, contractors, subcontractors, lenders, and architects will most commonly get this coverage.

It’s important to be aware of what insurance doesn’t cover. Unless specifically stated, it won’t cover specific increased risks such as flooding on a beachfront construction or earthquakes near a fault line. It also doesn’t cover injuries suffered by workers, meaning you’ll still need any legally required workers’ compensation insurance coverage, as well.

Do you need builders risk insurance to protect your property while under construction? Contact us to go over the unique needs of your property and the coverage options available to you.