Builder’s Risk policy extensions for roofers are often overlooked, but essential. A basic policy usually covers 100% of rebuilding costs – but will it cover 100% of yours?
Your current insurance may protect fundamental exposures. But your safety isn’t guaranteed without a policy customized for your specific business. 5% of overall costs will go further if your Builder’s Risk Insurance is tailored to your needs. In this article, we’ll look at 4 potential Builder’s Risk policy extensions for roofers, that can give your business that extra coverage.
4 Builder’s Risk Policy Extensions for Roofers. Do you need them?
1.Coverage For Debris Removal
A basic Builder’s Risk insurance policy may cover repairs if, for example, a storm rips through the project. But, you’ll be expected to haul out the debris yourself.
A few days of industrial dumpster rental alone costs almost $900. This could add some serious unexpected losses.
Perhaps you don’t normally operate in harsh weather conditions – but storms don’t always give much warning. And you certainly cannot predict vehicle crashes, arson or vandalism. A simple extension for debris removal could cover fees if any of these affect your job.
2.Coverage For Water Intrusion
When thinking about Builder’s Risk policy extensions for roofers, drainage may not be the first exposure that springs to mind. But backed-up gutters and pipes could lead to some serious damages.
Contractors working in wet areas or with older drainage systems could be vulnerable to huge repair prices, if not covered by a water intrusion extension. Coverage of rain, snow, sleet and ice damages not covered by basic Builder’s Risk Insurance can also be added.
3.Coverage For Green Construction
Even if your company does not currently reach for a ‘green’ status, it’s likely you’ll want to join this rapidly expanding market in the future to stay competitive.
The green construction market is estimated to have grown 14 times between 2005 and 2010, up to $54 billion. More and more companies stake their reputation on environmental friendliness.
A basic policy won’t protect this reputation. But a Builder’s Risk policy extension for roofers can include protection of renewable energy sources, as well as debris recycling costs. They’ll save you from the choice between a landfill and a loss.
4.Coverage For Pollutant Removal
Fire and rain damage are covered causes of loss. But if a fire spreads to your materials it can release toxins into nearby soil and groundwater. You will be expected to remove it, and this costly process won’t be covered.
Mold is another particular peril for roofers who use lots of lumber. Fumes from mold can even lead to Loss of Use for the building. We’re talking potentially hundreds of thousands of dollars in repairs.
Pollutant clean-up is one of the wisest Builder’s Risk policy extensions for roofers. Exposure is high – make sure it’s covered.
We Put Together The Best Builder’s Risk Policy Extensions For Roofers
Each construction job is unique, and roofers in particular face a number of specific risks that could cause them to lose huge amounts of money. It’s always best to be prepared.
The most effective Builder’s Risk policy extensions for roofers will depend on your specific business. We’d like to hear about yours, and help you construct a Builder’s Risk insurance policy that gives you the most value and protection. Call us at Farmer Brown Insurance at 888 973 0016. We can help!