What Is Builder's Risk Insurance?

Builder's Risk Insurance, also known as Course of Construction Insurance, is a type of property insurance that provides coverage for buildings and structures that are under construction or renovation. This insurance can help cover the cost of damages or losses due to a variety of factors such as fire, theft, vandalism, and weather-related events.

Here are some examples of why a builder may need Builder's Risk Insurance:

• Property damage during construction: Builder's Risk Insurance can provide coverage for damages to the building or structure that is under construction due to fire, theft, vandalism, or other covered perils.
• Weather-related damage: Builder's Risk Insurance can provide coverage for damages caused by weather events such as wind, hail, lightning, and rain.
• Equipment and tools: Builder's Risk Insurance can provide coverage for the tools and equipment used during construction or renovation that are damaged or stolen.
• Liability: Builder's Risk Insurance can provide coverage for liability claims made against the builder or contractor if someone is injured on the construction site.
• Delayed completion: Builder's Risk Insurance can provide coverage for additional expenses incurred due to delays in the construction or renovation project caused by covered perils.

Overall, Builder's Risk Insurance is important for builders and contractors to protect themselves from financial losses due to damages or losses during the construction or renovation process. Without this insurance, builders and contractors may be at risk of significant financial losses due to unforeseen events and delays during the construction or renovation project. Armour’s brokers can help you find the best coverage at the best price.