Builder’s Risk Insurance in Riverhead NY & Suffolk County NY
Builder’s Risk Insurance Quote Forms
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Builder’s Risk Insurance Information
Construction and renovation projects face risks that could damage the building, materials or equipment during a job. Builder’s risk insurance can provide coverage to help protect against losses.
The team at Lupton & Luce Insurance Inc. can help you secure a builder’s risk policy that fits your needs and provides financial protection. Contact us today for more information.
What Is Covered By Builder’s Risk Insurance?
Builder’s risk insurance may provide valuable protections for residential or commercial buildings under construction. It may also offer coverage for materials and equipment at a job site, in transit or stored off-site. Additionally, policies may cover temporary structures damage, loss of construction documents (e.g., blueprints) and debris removal. Several perils (e.g., fire, lightning or vandalism) may threaten commercial assets and having coverage can provide vital safeguards.
Builder’s risk insurance may be extended to provide coverage for the “soft costs” of delayed construction due to property damage as well. These costs may include additional taxes, architect’s fees, permit fees or lost rental income.
Who Is Covered By Builder’s Risk Insurance?
Generally, one builder’s risk policy covers a project, and depending on the construction contract, either the general contractor or project owner purchases it. The other parties with a financial interest in the project are typically listed as additional insureds to receive coverage. These could include:
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Subcontractors
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Architects
When Is Builder’s Risk Insurance in Effect?
Builder’s risk insurance is a temporary policy, and it is crucial to know when it starts and when it ends. For example, coverage may begin when the contract is signed, and it may end when:
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The project has been completed for a set number of days (e.g., 30 or 90).
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The purchaser accepts the property.
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The property is put to its intended use.
Specific policy provisions may start or end coverage for other reasons. It is essential to be aware of the policy’s terms so you are receiving protection during the desired times.
How Much Does Builder’s Risk Insurance Cost?
The cost of a builder’s risk insurance policy depends on several factors, including the size, location and type of the project. The amounts of coverage selected and the property being insured could also affect the premium.
Contact Us to Learn More About Builder’s Risk Insurance
The professionals at Lupton & Luce Insurance Inc. can assist you in finding the appropriate builder’s risk policy. Contact us today for additional information or a quote.
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