Because every construction project is unique, each builder's risk policy is different. You can customize your policy to fit your project's needs by getting coverage extensions.

Builder's risk insurance, often referred to as course of construction insurance in some places, is a special type of property insurance. This type of insurance covers a building where the building or insured area is currently being constructed. Most owners will need every contractor to carry this insurance, which can only cover the structure or the materials already present and waiting to be installed or brought to the construction site.

As long as the coverage maximum is met, damages are covered by the builder's risk insurance policy. However, the maximum must represent the structure's completed worth fairly (all materials and labor costs, excluding land value). The best place to find the right insurance limit is the building budget.

This is where confusion often arises. For example, a contractor might ask: 'Why do I need builder's risk insurance when I have contractor's general liability insurance?' While, on the surface, the two coverages may seem similar, they play very different (but equally important) roles.

While builder's risk insurance covers the contractor's property or equipment during construction, the contractor's general liability insurance policy covers bodily injury, property damage, and any resulting liability that may arise from possible accidents. In addition, it protects contractors if they're accused of causing injury or property damage.

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It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.