What does Builder's Risk Insurance not cover?
Answer: Builders Risk Insurance policies do not cover everything. They are named peril policies. Therefore if you have a specific cause of loss you are concerned about you will want to see that thing listed in the covered causes of loss.
These policies do not cover the risk you take selling the finished project or of getting it occupied by tenants.
Coverage for the contractors failures, such as workmanship or completing the job on time are not covered. You are best served by a variety of insured or assured guarantees from the contractors insurance and bonds. You do well to make sure that you are named and covered by your contractor's policies.
Many times liability insurance is not covered and especially is this the case if the project is of a commercial nature. However is some cases, when the construction is for single to four family residences, liability protection may be offered on residential construction projects.
If you want our insights on some of the best practices you may use to protect yourself, your project and your investors you may hire us as insurance consultants. We will provide you guidance for a fee.
Buy your builders risk policies from DRickard Insurance 607-843-8860 or insurance@drickardinsurance.com.
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