Save Up to 25% on builders risk policy coverage

If anything goes wrong with a project you’re working on, your contracting company could face significant losses. When those costs are massive enough, you might end up losing your business.

Protect every project from the extreme damage that fires, flooding, and similar environmental hazards could cause. Affordable Contractors Insurance offers effective builders risk policy coverage options that will allow you to weather these devastating situations. This premium builders insurance service will help you restore or replace materials and pay for related costs.

You Must Meet the Standards for Insurable Risk and Insurable Interest

Specific entities are eligible to start a builders risk insurance policy. These entities include project owners and their subcontractors, as well as lenders.

To meet the qualifications for this type of coverage, you must have insurable risk. The insured structure must be undergoing construction. To meet the insurable interest requirement for builders risk insurance, you must be able to show that you either own the property or have a financial interest in it.

Much like any insurance policy, you’re only insured up to a predetermined limit. In filing a claim, the insured party can be reimbursed up to the established limit on the policy. Additionally, there might be a limit for each occurrence or claim.

For example, suppose that you have a coverage limit of up to $1 million, but the policy only pays out a maximum of $50,000 for each incident. This means the most you can receive on a particular claim is $50,000.

The amount you receive in claims will be cumulative. In other words, ten claims of $50,000 each will grant you $500,000 to cover your losses. But if you exhaust your overall limit of $1 million, you will no longer have coverage throughout the remaining term of the policy.

Each project is different in terms of the time it will take to complete it. You won’t need builders risk policy coverage for a full 12 months if you finish your project within two or three months. To meet these unique demands, Affordable Contractors Insurance offers a variety of policy terms and effective builders insurance service options.

You can choose between 3-, 6-, or 12-month terms. If there’s a delay in completing your project and your policy expires, you have the option of extending your coverage. This option makes it possible to keep your project insured until you complete it.

A builders risk insurance policy is necessarily complex, and you might find the legal jargon confusing. Before signing your policy, make sure you understand all of the terms, including qualifying conditions and coverage exclusions. Having a thorough understanding of your policy will eliminate confusion if you need to file a claim in the future.

If you do have questions or concerns, give us a call or send us an email. One of our agents will be happy to explain the terms of your policy to you. It’s especially important to understand which exclusions are present in your builders risk policy coverage. For example, a standard policy will exclude coverage of damages caused by earthquakes.

Don’t assume you can’t request coverage for an excluded item. We can add a rider to your policy for an additional cost. Riders can provide coverage for certain events, such as earthquakes. In some cases, adding more coverage will give you the extra protection your property might need.

Vital Coverage for Any Project

No construction project can be secure without builders risk insurance. When speaking with an Affordable Contractors Insurance agent, you can ask for clarification if you have any concerns about your coverage. One of our agents will be happy to answer all of your questions and help you design the ideal policy for your situation. You can also use our builders risk insurance cost calculator for a free quote!

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