Course of Construction Insurance protects your company when things don’t go to plan. It is also known as Builder’s Risk Insurance. Here are some pro tips to help you get the best from your insurance.
1. Why do you need it?
At the outset of any project it is important to identify the things that could go wrong, and subsequently, find ways to minimize your risk. This could include thorough planning and giving attention to safety on site. There will still be many things you cannot prepare for, and this is where insurance comes in. Hence, Course of Construction Insurance is an inexpensive way to limit your financial loss if something goes wrong.
2. The Right Coverage is Key
For insurance to be effective you need to be covered for the ‘things that go wrong’.Therefore, a Builder’s Risk policy is tailored for your project. There is no “standard policy” and you include the coverage for the risks you face.
3. How to get the right coverage?
There are a few ways to identify the coverage you need for your project:
• Make an inventory of your tools, equipment, and materials to understand what your potential loss could be.
• Value your project correctly. It should be 100% of the cost of construction at completion.
• Consider events that resulted in financial losses on other projects you have participated in, and how you can improve your coverage.
• Speak to the experts at Farmer Brown Insurance. We have more than 20 years experience in the industry.
4. What coverage can be included?
Common inclusions in a Builder’s Risk policy are fire, theft, vandalism and wind damage. Other optional coverage is available such as debris removal, building ordinance changes, soft costs, and temporary storage. Your project may have particular risks. You could be in an area that experiences hurricanes and flooding for example. Speak with our consultants and check what can be included for your policy.
5. Pay the right price for your Course of Construction Insurance
Once you have established the right coverage, the next focus should be paying the least amount possible for your policy. Keeping costs down is important for every business. At Farmer Brown Insurance we will shop around for you to get you the lowest rate. We have access to a large network of A-rated regional and national insurers and will negotiate on your behalf.
6. Make sure of your policy dates
Course of Construction Insurance is exactly that: it is intended for the duration of the building process. A policy has a commencement date that should be when the project starts. It also has an end date which is when the building is completed and ready for occupancy. At this point new property insurance is needed. A policy can be 3, 6 or 12 months.
How to get your Course of Construction Insurance
Speak with us at Farmer Brown Insurance. Our agents will quickly establish what coverage you need and then get shopping on your behalf. We will provide you with at least 3 quotes, on the same day, so you can choose the best option for you. Call Farmer Brown Insurance on (888) 973-0016