Builder’s Risk Insurance is a unique form of insurance which covers a building where the building or insured area is presently being constructed. It can cover just the structure, the materials on site waiting to be installed, or materials being transported to the job site.
Course of Construction Coverage
Builder’s risk insurance policy covers losses, such as those due to a windstorm, while your building is under construction. This is coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.
The following events are commonly covered by most policies for damage:
- Wind (may be limited in coastal areas)