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When and why would you ever need a Builder’s Risk Insurance policy? These are 2 common questions that we get from contractors who have heard about this coverage and want to know more. If this is you, you’re in the right place. We are the experts. Farmer Brown Insurance has provided specialized coverage to contractors for more than 20 years.

So, what can Builder’s Risk Insurance do for you? Let’s take a look.


Firstly, always plan for profit

You are in business to make money. Yes, you enjoy what you are doing, but the reason you do it every day is to make money, right? When you plan for profit, you take into account things that can go wrong. However, not many builders have the financial strength to absorb losses, even with the best planning. It is not wise to jeopardize your well-earned profit when you can insure against financial losses.



Your construction project profit is in (imminent) danger

Some contractors have the attitude that lawsuits will never happen to them. Frankly, this is ridiculous in the construction industry. As a result, there are often gaps in coverage. For instance, your Contractors Liability provides third party coverage, but not project protection.



Have you prepared for the following potential financial loss?

1. The costs of replacing equipment, tools, and materials in the event of theft.
2. Repairing damage to the building you are constructing, repairing or remodeling is expensive.
3. Business interruption and delays result in penalties, fines, and lost rental



What is a Builder’s Risk Insurance Policy?

Here we’re talking about property protection, including materials, fixtures, or equipment that you will use over the course of construction. These can be awaiting installation, in temporary storage, in transit, or after installation. A Builder’s Risk Insurance policy protects your investment, and hence your profit. As mentioned, this includes items that could sustain physical loss or damage from a covered loss.



How is this relevant to protecting your profit?

Your Builder’s Risk Insurance policy does not cover third party claims for property damage or bodily injury. General Liability Insurance provides this protection. So what covered loss can be included in your policy? Here is a list:

• Theft of building materials, equipment or tools either in transit or in storage
• Fire
• Wind, Hail, lightning, hurricanes, tornadoes
• Explosion
• Vandalism
• Vehicles or aircraft
• Changes in building law or ordinance



Ask our experts about a Builder’s Risk Insurance policy

Be cautious when purchasing your Builder’s Risk Insurance policy. Firstly, not all policies are equal. Read it through carefully to be sure that your particular project risks are included.  You may have to specify certain conditions.

In addition, do your research before you choose the cheapest insurance. Compare coverage from two or more insurance providers. You may be signing up for less than you expect.

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

We assist in solving both of these problems. We get you the right coverage at the right price. Speak with our experienced agents at Farmer Brown Insurance (888) 973-0016

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