Builders risk insurance is a type of property insurance that provides coverage for property owners, contractors, and other parties involved in a construction project. This insurance policy typically covers the physical structure of a building or other type of construction project during the course of construction or renovation.
Builders risk insurance policies typically cover the costs associated with damage to the building or structure being constructed or renovated. This may include damage caused by events such as fire, lightning, vandalism, theft, windstorms, and more. The policy may also cover the costs of cleanup and debris removal, as well as the costs of replacing or repairing damaged materials and equipment.
Builders risk insurance may also cover the costs of delays or interruptions to the construction project, which can occur due to covered events such as weather delays, material shortages, or other factors beyond the control of the construction team.
It's important to note that builders risk insurance policies typically have a limited coverage period, usually from the start of construction to the completion of the project. Once the construction is complete, the policy expires, and the property owner or contractor will need to obtain a new insurance policy to cover the completed structure.
Builders risk insurance policies can vary widely in terms of coverage, limits, and exclusions. Contact Haldimand Insurance Brokers and let an experienced professional work with you to assess your specific builders risk needs and find the right insurance policy that provides adequate coverage.