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Building Under Construction Insurance isn’t complicated, but do you know all the ins and outs?  However, before we start, remember that this coverage is called Course of Construction or Builder’s Risk Insurance.


Test yourself – do you know these 10 things?


1. No two Builder’s Risk policies are the same.

Building under construction insurance is tailored for your project and what you need for your business. Hence, it is not a one-size-fits-all offering.  You include what you need for your project, and you don’t pay for things you don’t need.


2. Builder’s Risk Insurance covers you for the theft of tools and  equipment.

This is one of the most common complaints on a building site. Subsequently, expensive tools and equipment go missing like power tools, ladders, wrenches and more.  These things are expensive to replace and when your insurance pays you don’t sacrifice your profits.


3. You are also covered for the loss of materials and supplies you need to complete your building.

Often lumber is stolen by opportunists needing it for their own projects.  Hail damage or flooding can destroy your materials.  With building under construction insurance you know you can replace them.


4. If a covered event damages your building, your policy will pay the costs of salvage and the removal of debris.

This can be a very expensive undertaking.  Your policy also pays for clean-up if your site is contaminated in an accident.


5. You can extend your policy if you need to.

A Builder’s Risk policy has a time duration that is usually 3, 6 or 9 months and it covers the course of construction.  If your project is running over time, you can extend your policy so that you are always covered.


6. Important documents, schedules and blueprints can be covered by this building under construction insurance.

If they are lost, stolen or damaged your policy will pay for their replacement.


7. Fire damage is also covered by Builder’s Risk Insurance.

Lightning could strike and start a fire, or hot work could be the cause.  When welding, soldering and grinding your equipment gets very hot and these activities produce sparks.  It is reassuring to know you have coverage for fire damage.


8. A Builder’s Risk policy can include all the participants in the project.

This could be the project owner, the contractor and subcontractor, the architect, the financer, and a leaseholder.  All parties that have a financial interest in the project can be named insureds.


9. You can include soft costs in your Builder’s Risk policy.

For example if your project is delayed due to a covered event, your policy can help with: fees from professionals such as architects, engineers and accountants; interest charges; the resulting  loss of rent income; and marketing costs.


10. There are some exclusions in Builder’s Risk Insurance.

Typical exclusions are the losses due to illegal activity in your business, mechanical failure and wear and tear, and acts of war.  Exclusions will be clearly stated on your policy and you should always check your policy.


Did you know all of these facts? Our agents at Farmer Brown Insurance can tell you even more about Builder’s Risk Insurance.


Speak with us  for your building under construction insurance

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

All it takes is a quick call to Farmer Brown Insurance to get your Builder’s Risk Insurance. Our agents are experts and will tailor your policy for your particular needs.  Call Farmer Brown Insurance on (888) 973-0016.


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