As someone who works in the construction industry, you’re probably aware of the different insurance policies that you have to have for protection. There are two main policies that you need when working in the construction industry.
These two policies include builders risk and general liability. If you are a homeowner who is building your own home, you may also need homeowners’ builders risk coverage.
What Is Builders Risk Coverage?
Builders risk insurance covers any property related damages or contractor materials connected to the project. This policy protects the value of the property, the materials and the equipment. This coverage remains from the beginning of the project until the project is finished. This type of policy may also cover earthquakes, theft, weather or government action.
What Doesn’t Builders Risk Policies Cover?
Despite the damages that are covered under standard policies, there are damages that you may need extended policies for. These damages may include earthquakes, weather damage, war and earthquakes. It is crucial that you understand all of the limits of your policies in advance. This way you aren’t surprised when you file a claim.
In the construction industry, accidents do happen. It is crucial to protect the cost of your equipment, materials and home to have insurance policies. Without protection, accidents can be financially devastating.