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Builders Risk Insurance
Builder's risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction. Builder's risk insurance 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.
As anyone in construction will tell you, buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other unforeseen forces. A principle of common law is that any new construction or other improvement to land becomes property of the owner of the land, the title holder, once there has been an "improvement" to the owner's site. The general contractor may be responsible for any losses caused by his own negligence, but the owner is responsible for most other losses. Builder's risk insurance indemnifies against some of these losses.
Although usually bought by the owner of the building sometimes the general contractor constructing the building may buy Builders Risk insurance if it is required as a condition of the contract.
We are well versed in this type of insurance and can get you properly covered while saving you money.
Mikel Long Insurance