Great Experience in Building
Builders Risk
TEXAS, USA
Buildings under construction are subject to a myriad of risks. From fires, to theft, to unforeseen
natural disasters, building owners and builders are left to pick up the pieces.
Builders Risk
Our Services
Buildings under construction are subject to a myriad of risks. From fires, to theft, to unforeseen natural disasters, building owners and
builders are left to pick up the pieces. A builders risk insurance policy protects against these perils and more.
Builders Risk Highlights
Residential construction, commercial construction, residential/commercial remodeling, installation floaters
Builders Risk Webinars
View our upcoming and existing webinars to help you understand the risks your clients face
About Us
Legends Elite Solutions is a leading provider of builders risk and construction insurance throughout the country. Our mission is to provide contractors, builders and developers the peace of mind they need to complete their projects with confidence, all at competitive pricing. We understand the unique challenges and risks associated with construction projects, and our team of experienced professionals is dedicated to delivering customized insurance solutions that meet your specific needs. With a commitment to provide unparalleled customer service and support, we are the preferred choice of contractors and builders across the nation. Apply now for your tailored estimate and options. Or, give us a call to learn more about how we can help protect your upcoming project.
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Risk Insurance?
Commercial
Commercial Property Builder’s Risk Insurance
From accidents and damages to theft and vandalism, when you’re in the business of construction, there are countless risks you must face. And, the potential for losses can be significant. That’s why it’s crucial to have commercial property builder’s risk insurance.
In this guide, we’ll explore everything you need to know about commercial property builder’s risk insurance, including what it is, what it covers, and how to choose the right policy for your business.
RESIDENTIAL
Residential builder’s risk insurance
Residential builder’s risk insurance provides coverage for buildings that are under construction or renovation. It is also known as builder’s risk insurance or course of construction insurance.
This insurance policy covers the owner or the builder of the property against damage or loss to the building and materials used in the construction process from various perils such as fire, wind, hail, and theft, Additionally
What is Commercial Property Builder’s
Risk Insurance?
Commercial property builder’s risk insurance is a type of insurance that provides coverage for buildings or structures during construction. This type of policy is also known as “course of construction” insurance or “all-risk” insurance.
It is designed to protect contractors, developers, and property owners against losses or damages that may occur during the construction phase of a project. This insurance can be customized to fit the needs of the project and can cover a variety of risks, including theft, vandalism, fire, and more.
What Is Builders Risk Insurance?
Builders Risk Insurance—also referred to as course of construction (COC) insurance, building risk insurance, or builder’s risk insurance—is a specialized type of property insurance that protects a person’s or organization’s construction projects, renovations, or installation while in progress. It can include the existing structure, materials, as well as equipment being used in the construction of a building or structure should those items sustain physical damage from a covered cause (up to the coverage limit of the policy). Most insurance providers will also typically cover lost or stolen items.
Coverage begins from the moment the project commences until it is completed. Coverage is typically for the construction phase only and will terminate when the project is completed and ready for use or occupancy. While normally purchased by the owner of the project, insured’s can also be lending institutions or the general contractors that are performing the work.
Who Needs Builders Risk Coverage?
A builders risk policy can be useful in a variety of circumstances. If you are any person or organization that has a vested interest in the project being completed, you need to consider investing in this risk coverage. So who should purchase builders risk insurance?
- Property owners completing a renovation project
- Builders/Contractors completing a project
- Residential construction projects
- Commercial construction (such as office buildings)
- Installation projects
- House flippers
- Development or investment companies
- Retail companies
- Architects or Engineers
- New Construction companies
We recommend that anyone in the construction industry should speak with experienced claims specialists to help you determine if builder’s risk insurance is right for you.
What Builders Risk Insurance Covers?
As buildings are being constructed, builder’s risk insurance covers the insured party from:
Explosions or Fire
- Damaging Winds or Hail
- Lightning Strikes
- Theft or Vandalism
- Vehicle or Aircraft Accidents
If a delay arises in a construction project due to a covered loss, this builder insurance can potentially mitigate the financial impact and soft costs incurred from taxes, interest on loans, lost sales, or lost rental income.
What Doesn't Builders Risk Insurance Cover?
A builder risk insurance policy typically excludes:
- Earthquakes
- Floods/Water Damage
- Acts of War or Government Action
- Intentional Acts
- Employee Theft
- Faulty Design or Workmanship
- Contractual Penalties
- Mechanical Breakdown
While this type of policy typically covers ‘Acts of God’ such as extreme weather, if you have building materials that are considered unprotected from the elements, they may be excluded. So it is imperative to do everything in your power to protect materials and equipment being used on the property in question.
