Your construction team needs reliable protection in place when working on a project.
When constructing a building, there’s plenty to think about: design, logistics, finances, the building team, and, of course, the materials. Even though builder’s risk insurance may be the last concern on your mind, it is essential coverage. As a builder, you’re exposed to a plethora of risks and potential incidents, and reliable protection is wise to attain. After all, no one can control the elements that could delay your construction process.
What is builder’s risk insurance?
This form of coverage can protect the structure, as well as the materials on site waiting to be installed or transported to the job site. Builder’s risk insurance typically covers physical damage to a project during construction from perils, such as fire, wind, theft, or vandalism of the building or materials during the construction process.
Essentially, if a fire destroys your structure, and equipment is ruined, as a covered peril it’s no problem! It’s not ideal, but your builder’s risk insurance can step in to cover the costs of getting your construction back up and running.
Is this coverage necessary?
In essence, yes! It’s only natural that a builder would want protection from losses that would otherwise hinder the construction process. Being insured with this coverage allows the constructing to occur seamlessly, even if there are plenty of hurdles and challenges to overcome. The devil is in the details as the correct insurance response to the construction exposure may not be obvious. Talk to your insurance expert to decide on the right protection for your construction project.
At Nahai Insurance Services, we offer broad coverage with the ability to tailor to your needs. We understand the financial impact of work stoppages, which is why we provide builder’s risk insurance that resolves losses quickly. Contact us today to get started.