Builder’s risk insurance is a special type of property insurance for buildings while they are under construction. It can cover just the structure that is under construction, or also the materials on site waiting to be installed or transported to the job site.
Builder’s risk covers perils such as fire, wind, theft and vandalism and many more. It typically does not cover perils such as earthquake, flood or wind unless specifically endorsed.
Builder’s Risk insurance policies can often be written in terms of three-months, six-months, or 12-months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.
Builder’s Risk Typically Covers Damage From*
- Wind (Limited)
Typical Builders Risk Excluded Perils*
- Wind in Coastal Areas
- Employee theft
- Water damage
- Weather damage to property in the open
- Government action
- Contract penalty
- Voluntary parting
- Mechanical breakdown
*See specific policies for coverage, limitations & exclusions
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