Builder’s risk insurance or course of construction ( COC) insurance is the lifeblood of any risk management program that aims to be successful. This is a special type of property insurance that shields buildings while they are under construction. It may also include materials used to create the buildings. New Mexico builders risk insurance is designed to protect construction properties from damage risks such as fire, vandalism, catastrophes, explosions, natural disasters, etc.
However, property risk insurance can get complicated and may sometimes be misunderstood. It is recommended to get in touch with our competent risk managers. They can assist you in understanding your construction insurance policy and take care of your insurance needs.
Property owners, contractors, and home builders prefer to work with a project that has insurance coverage. That way, they can protect their buildings or structures from damage while still under construction. Course of construction insurance can provide full coverage to mitigate potential damage risks to the buildings and materials. Besides, this type of property insurance is required by the government before contractors can start working on a construction project.
It is important to know which type of builders risk insurance to choose from and you can trust our competent insurance brokers will help you get the right coverage that suits your needs. They can help you with potential claims because they have deep knowledge of the industry, and they are familiar with the construction risks involved.
Most of the time, the insurance policy is written on an all risk basis. This may take into account properties and materials that are at the construction site, in transit, or kept at a storage building somewhere far from the work site.
Builders risk insurance New Mexico is structured to hopefully cover the following:
Aside from the buildings and structures, the insurance may also include machinery and other equipment that were used to service the building. Raw materials and supplies are also covered by the insurance since these are considered crucial parts of the structure.
When a property is damaged due to an equipment breakdown, you can mitigate the damage costs if the building is covered by New Mexico builders risk insurance. Damage to property is a result of unfortunate mishaps like mechanical breakdown, explosion of steam boilers, damage resulting from artificially generated current, and many more.
There is a need to protect your business from legal liabilities that may arise. These include property damage, advertising injury, reputational harm, or personal injury.
Ordinance and Law
Ordinances and municipal laws that regulate construction or repair of damaged buildings can lead to loss. Insurance coverage can cover this loss that resulted from the enforcement of such laws.
Modular components and units are kept in storage, usually far from the construction site. Make sure to get coverage for these essential components to protect them even though they are not on the work site yet. This is either because they are stored in an off-site cache or while in transit.
When there is new equipment, construction firms and contractors usually test it for a spin. However, this may lead to damage or malfunction caused by pneumatic, hydrostatic, mechanical, or electrical testing. COC insurance coverage will deal with the damage costs of the loss of this testing instead.
Valuable Papers and Electronic Data
Blueprints, electronic files, schematics, paper documents and other information are crucial when it comes to construction projects. In the event that these documents become lost or unretrievable, insurance can cover the unexpected and inconvenient cost of the loss.
Builder’s risk policy is not only for equipment, materials, and other tangible items. It can also protect your profits, specifically for the said project and only during the period of construction. If the structure is damaged, the loss incurred will get reimbursed by a percentage of the profit earned.
Insurance for victims of identity theft are offered preventive and restorative services.
In any construction project, there will always be unexpected events that lead to materials or property damage. For this reason, there is a need to have a successful program that aims to manage risks. The risk management system should have great coverage to protect you and your construction project from all sorts of unforeseen risks. You have a higher chance of being successful in this by working with our experienced insurance brokers who will provide you with expert COC insurance advice. Whatever you need, they will certainly find the insurance coverage that is perfect for you.
The average insurance policy cost is around one to four percent of the total construction project cost. It can get less or more expensive depending on which coverage and exclusions you have taken into consideration. Builder risk insurance can get complicated and difficult to understand. Choose us and we will make the decision-making process easier for you. On top of that, we will guarantee that claims are expedited to your advantage, and we can look into other possible claims that you may have missed.
If you want only the best insurance policy that guarantees a successful risk management system, then look no further for we are the top choice for builders risk insurance New Mexico. Get an insurance coverage that best fits your business by working with our risk management professionals. Any questions or concerns you may have, let us know and we will do our best to accommodate them.
Do you feel like your voice isn’t heard when it comes to your insurance needs? If that is the case, we are proud to say that we have an excellent client retention rate of 96.4%. You can see this as a testament to what we are capable of. This makes us the number one insurance provider with affordable services and offers. On top of that, you have a chance to get more benefits through our exclusive programs.
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