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February 23, 2022

Who needs builder’s risk insurance?


The answer is anyone who has a financial interest in property construction, both residential and commercial. That includes remodeling, renovation, new construction or simply adding improvements to a property. It also covers materials in transit or stored at the job site and the value of the site involved until the job is completed and the owner accepts it. And it covers the movement of large amounts of earth from one place to the other, which can be very expensive.

Usually purchased by the owner of the land or building, builder’s risk insurance can also be the responsibility of the general contractor when stated in the contract. This type of insurance covers the owner’s expenses for labor, supplies and payments to contractors and subcontractors. It also protects the builders and contractors against losses caused by vandalism, high winds, fires or theft during construction and delays in scheduling and cleanup after construction.

Builders risk insurance does not usually cover damage resulting from natural disasters like floods, earthquakes, hurricanes or tornadoes. If you need this type of coverage, you will need to have a severe weather endorsement added to your policy. And builders risk policies typically do not cover liability for injuries or accidents in the workplace.

Whatever your needs in your builder’s risk insurance coverage, we at Koch Insurance Group can help you set it up. We are experts in the field and look forward to serving you.

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