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.
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 Does Commercial Property Builder’s Risk Insurance Cover?
Commercial property builder’s risk insurance can cover a wide range of risks that may occur during construction, including:
- Fire damage
- Water damage
- Theft
- Vandalism
- Damage caused by weather events, such as storms or hurricanes
- Equipment breakdowns
- Explosion
- Collapse of the building or structure
It’s important to note that commercial property builder’s risk insurance typically does not cover damages or losses caused by earthquakes, floods, or windstorms.
