If you’re involved in construction projects, you should consider builder’s risk insurance.
When you get involved in a construction project, you know that there are a lot of things that go wrong. From the second you break ground, you’re exposed to hazards. Whether those remain imagined or become real, you’re probably at least a little concerned right now that your materials could be stolen, your building could be burned, your project could be vandalized, and more.
We’re not trying to worry you! In fact, we’re pointing out all of the risks your project faces because we have a solution to mitigate them. Builder’s risk insurance is a crucial part of any construction project because it’s specialized coverage designed to protect the project while it’s underway.
This special type of property insurance is somewhat misleadingly misnamed. It doesn’t just protect the builder, but can also cover any general contractor and lending institution involved, as well as the project owner. How does it do that? Builder’s risk insurance covers the materials and equipment you’ll need for your project, ensuring any physical loss or damage they suffer can be remedied at no cost to you. It also covers renovations or reconstruction necessary due to a covered cause (e.g. a fire burns a portion of your building and you have to reconstruct an exterior wall).
In short, builder’s risk insurance covers your insurable interest in your construction project against covered causes like fire, wind damage, vandalism, and theft.
Don’t leave your construction projects exposed; contact Nahai Insurance Services. We’re experienced providers of builder’s risk insurance who can help you properly cover all of your projects, giving you the peace of mind you need to focus on your work and the safeguards you need to hold onto your profit.