Builder’s Risk Insurance is a specialized Property Insurance that covers buildings and structures under construction or renovations. All construction sites face potential risks, no matter how well-managed the project may be. It’s an obvious requirement for contractors or subcontractors but is also useful for property owners and developers. Lenders usually require it as a condition of financing.
PIB can help you find the right coverage at the right price.
A typical Builder’s Risk Insurance policy covers:
- Damage from fire, theft, vandalism and wind
- On-site materials and equipment recovery
- Temporary structures costs
- Debris removal and cleanup costs
In some cases, it can offset costs such as lost rental income or additional interest on loans due to construction delays or lost sales.
Talk to a PIB advisor today, who can assess your need and ensure you’re covered by the right products and additional coverage options for your project.
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FAQs
What is Builder’s Risk Insurance?
Builder’s Risk Insurance is a specialized type of Property Insurance that protects buildings and materials while a construction or major renovation project is underway.
Does Property Insurance cover renovations?
Not always. Standard Property Insurance doesn’t fully cover major renovations, make sure you notify your insurer before the work begins. You may need a policy update, additional liability coverage or a Builder’s Risk policy. You should consult with your advisor before you do any work.
How much Builder’s Risk Insurance do I need?
The amount of Builder’s Risk Insurance you need depends on the total value of your construction project. An insurance advisor can help you determine the right policy for your needs.
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