Builder’s risk insurance (BR), also known as course of construction insurance, is a specialized type of property insurance that helps protect buildings under construction. Simply put, it is the insurance policy that you start with when you start construction.
What are a few things that BR covers:
- Theft and Vandalism
- Fire
- Acts of God like named storms
- Lightning and Hail
What does it insure:
- Materials
- Supplies
- Building equipment
What are some things to consider prior to purchasing BR:
- Loss of rental income, if your building does not get complete
- Expenses associated with building not being complete
- Debris removal
- Scaffolding
Things you need to know:
- When does coverage start and end
- Pick an agent that is familiar with BR and has companies that are experienced as well
- Have your agent explain all of the exclusions
Builders Risk is typically very simple but can also be very complicated for an agent that does not write many policies. Please reach out to Oxford Risk with any questions that you may have.
James Kahoe President of Oxford Risk LLC with 20+ years of commercial insurance experience.
(330) 523-9590 Mobile