Builders Risk Insurance provides coverage that protects a person’s or organization’s structures that are under construction. The construction can be new, a remodel, or repair. Coverage includes materials at the work site before they are installed, any materials intended for the work site that are in transit, and the value of the new, remodeled, or repaired property being built until it’s completed and the owner accepts the work.
A Builders Risk Insurance policy also covers losses due to theft, vandalism, fire, wind storm, lightning, and hail. Mechanical or electrical breakdown on plumbing or air-conditioning lines will also be covered.
Builders risk insurance is common among general contractors, subcontractors, home builders, real estate developers, building owners, colleges and universities, and municipalities.
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