Builder’s Risk/Course of Construction Insurance: Protecting Your Project From Groundbreaking to Completion
Construction projects are complex and full of potential risks, from unexpected weather events to theft and vandalism. Builder’s Risk Insurance, also known as Course of Construction insurance, is a specialized policy designed to protect your project from financial loss during the entire construction process.
What is Builder’s Risk Insurance?
Builder’s Risk insurance is a temporary policy that covers a building or structure while it’s under construction. It provides protection against a wide range of perils, including:
* **Fire:** Damage caused by fire, lightning, or explosions.
* **Natural disasters:** Coverage for damage caused by windstorms, hail, earthquakes, and other natural events (flood insurance may need to be purchased separately).
* **Theft and vandalism:** Protection against theft of building materials or damage caused by vandalism.
* **Accidental damage:** Covers accidental damage to the structure during construction, such as damage from falling objects or equipment malfunctions.
Who Needs Builder’s Risk Insurance?
This coverage is crucial for anyone involved in a construction project, including:
* **Building owners:** Protects their financial investment in the project.
* **General contractors:** Covers their liability for damage to the structure.
* **Subcontractors:** Protects their work and materials on the job site.
* **Lenders:** Safeguards their financial interest in the project.
What Does Builder’s Risk Insurance Cover?
A typical Builder’s Risk policy covers:
* **The building or structure itself:** Includes the foundation, framing, walls, roof, and other permanent fixtures.
* **Building materials:** Covers materials on-site and in transit to the job site.
* **Temporary structures:** Can include scaffolding, fencing, and temporary offices.
* **Equipment:** May cover tools, machinery, and equipment used in the construction process.
* **Soft costs:** Can include expenses like architectural fees, engineering costs, and permit fees.
Prineville Insurance: Your Partner in Construction Risk Management
At Prineville Insurance, we understand the unique challenges of construction projects. We’ll work with you to assess your risks, customize your Builder’s Risk coverage, and ensure your project is protected from groundbreaking to completion.
Don’t leave your construction project exposed to the unexpected. Contact us today to discuss your Builder’s Risk insurance needs and build a solid foundation for your project’s success.