Builder’s Risk Insurance

Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other superior force. A principle of common law is that any new construction or other improvement to land becomes property of the owner of the land – the title holder – once there has been an “improvement” to the owner’s site. The general contractor may be responsible for any losses caused by his own negligence, but the owner is responsible for most other losses. Builder’s risk insurance indemnifies against some of these losses.

Builder’s risk insurance is “coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.

Protect your new construction project today.