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Builders Risk Coverage Insurance Explained
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=f7Q96DVg6gw
For more information: https://www.watkinsinsurancegroup.com... • Builder’s Risk coverage is a type of property insurance specifically designed to cover property during the course of construction, including renovation and repair. • Construction projects, regardless of their size, can present complex insurance issues. Are you confused about your exposures and policy options? If so, it’s no surprise—there are no standard builder’s risk policy forms covering these types of risks. To help you limit your exposure, here are some helpful builder’s risk policy basics. • Builder’s Risk coverage is a type of property insurance specifically designed to cover property during the course of construction, including renovation and repair. Why do you need it? There are additional risks and responsibilities inherent in this type of work that a typical property policy is not designed to cover. For example, if someone steals contractors’ equipment from the job site or if construction materials are damaged, you could be liable for the loss if you do not have builder’s risk coverage. • Typically, the coverage is purchased by either the property owner or contractor. Regardless who purchases the coverage, all parties that have property involved in the project should be named in the policy. This may include the owner, contractor, subcontractors, the financial institution funding the project, and, in some cases, the architects and engineers. Once the project is completed and/or accepted by the owner, your regular property policy kicks in. • Since builder’s risk coverage only deals with the property, it does not include coverage for worksite injuries or design and construction defects. For any mishaps that occur on the job, you should rely on liability and workers’ compensation insurance policies for coverage. • Careful planning is the foundation for a smooth construction project, which includes the right exposure coverages. Many businesses choose to transfer or accept risk through contracts, purchase orders, and lease agreements. However, not all contracts or endorsements are created equal. An agent who understands your business can knowledgeably help you with builder’s risk policy language to meet your individual needs. For more information about Builders Risk, please click the link in the description below or give Watkins Insurance Group a call today. • We’re here to help. • ~-~~-~~~-~~-~ • Please watch: What Are Deepfakes? • • What Are Deepfakes? • ~-~~-~~~-~~-~
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