Builders Risk Insurance
Builders Risk Insurance
The construction site is one of the riskiest workplaces next to industrial factories. In the construction site, operational mechanisms are present to achieve zero-accident workplaces. As these mechanisms are streamlined, worker efficiency and productivity are increased while valuing safety. But because risks will always be present, builders risk insurancepolicy is also needed.
Builders risk insurance is am kind of property insurance. It is a form of insurance that covers a building where a structure is presently being constructed. Builders risk insurance policy can cover just the structure, or also the materials on site waiting to be installed or transported to the job site. This is important to protect the investment of the people behind the construction of a building.
What Builders Risk Insurance Does Not Cover
Builders risk insurance generally does not cover the property of others. For example, if a delivery truck of a sub-contractor carrying construction materials meets with an accident while on route to the construction site, builders risk insurance does not cover the damages to the truck. In this case, sub-contractors are required to have their own insurance.
There is also no coverage for malfunctioning tools or equipment. The reason behind this is that these materials usually have manufacturer warranty. Builders risk insurancealso offers no coverage for liability. Accidents in the job site are also not covered because they are usually covered by a separate policy, i.e. workers compensation. Usually, builders risk insurance coverage ends when the building is completed or occupied.
Builders Risk Insurance Coverage
The builders risk insurance policy can provide coverage for damage done to the insured structure from a wide variety of events. Damage from fire, wind, theft, lightning, and explosions are covered. Usually, limited coverage is provided for collapses, earthquakes, employee theft, government actions, and mechanical breakdown of tools and equipment.
The builders risk insurance policy also has extensions of coverage that may be provided for certain situations. These include coverage for property loss while being transported to the jobsite, scaffoldings, debris removal, and sewer and drain backup. Valuable papers such as site plans and blue prints may also be protected in case of fires.
Reliable Builders Risk Insurance
When it comes to reliable products such as builders risk insurance, you can count on Keystone Risk Management. Let us help you with any of the following:
- Workers Compensation Insurance Agents
- Landlord Insurance
- General Liability Insurance Brokers
- Commercial Insurance Brokers
We'll also be glad to assist you with our professionalism.
If you want to learn more about builders risk insurance policies, get in touch with Keystone Risk Management Inc. today.