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Builder's Risk Insurance

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Builder's Risk Insurance Information

If you're in the construction industry, or are preparing to have your storefront or office built from the ground up, you're likely aware that mishaps can happen before the ribbon cutting takes place. Southwest Commercial Insurance can help you find Builder's Risk policies to help protect your business against the financial damage associated with these mishaps.

Builder's Risk Insurance (also referred to as Course of Construction Insurance), is a type of property insurance designed to cover property presently being constructed.

Coverage can include: The new structure, the materials on site waiting to be installed or transported to the job site and the existing structure (as in a remodel or room addition).

The Builder's Risk policy will pay for damages up to the coverage limit which must accurately reflect the total completed value of the structure (all materials and labor costs, builder fees, etc., but not including land value). This is important as you need to assume that 1 day before the project is completed, a disaster could happen that could totally destroy the project and you want to make sure the amount of insurance purchased is enough to pay to totally rebuild the project.

Builder's Risk Insurance policies can often be written in terms of three-months, six-months, or 12-months. Some are offered with a premium that can be refunded if the project is completed earlier and others provide no refund which is referred to as a 100% minimum earned premium. ;In addition, if the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.

What Does a Builder's Risk Policy Cover?

The Builders Risk policy provides coverage for damages done to the insured structure from a wide variety of events. Damage from the following events will be covered by most policies:
  • Fire
  • Wind (may be limited in coastal areas)
  • Theft
  • Lightning
  • Hail
  • Explosion
  • Vandalism
  • Vehicles/Aircraft
You should read your course of Builder's Risk insurance policy to be familiar with its limitations and exclusions. Limited coverage is provided for collapse. Standard exclusions include:
  • Earthquake
  • Employee theft
  • Water damage
  • Weather damage to property in the open
  • War
  • Government action
  • Contract penalty
  • Voluntary parting
  • Mechanical breakdown
In addition, a Builder's Risk policy does not provide coverage if someone were to be injured at the project...remember, it covers property only!

If you think you may need a Builders Risk policy, either contact us or request a quote and let us help.

If you'd like coverage for injuries at the project, let's discuss it, as we can help provide that as well.

Remember, protecting businesses like yours is our only business!

We look forward to working with you!

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Southwest Commercial Insurance
10601 Ranch Road 2222, Ste. R-121 | Austin, TX 78730 | Phone: 512.771.6091 | Fax: 512.276.6755
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