Preparing a Builders Risk Insurance Checklist
Builders Risk Insurance is very important if you contracted to build a building. With the checklist in your hands, it’s much easier to review the policies to see if they can meet your coverage needs.
As you check the coverage, don’t forget to check on the price and limits as well. Take your time in examining the different policies in the market; the quotes can help a lot so be sure to get them.
About the Policy
When a building is still under construction, you can get Builders Risk Insurance. It is the duty of the contractor to secure the needed insurance policy to cover the property and material until the project is completed. In most cases, the Builders Risk Insurance is purchased along with the general liability insurance. You can also get this type of policy if you have remodeling projects. It is important that you prepare a checklist to ensure that the basic provisions are offered by the policy. Firstly, you will need to check if the policy covers supplies and materials of the construction project. The foundations, excavation sites, and temporary structures should also be adequately insured.
Other things that should be included in your checklist are scaffoldings, equipment, and fences whether leased or owned by a contractor. The policy should also cover these things whether they are in transit or on site. Disaster strikes unexpectedly and if you’re not covered, you will shoulder the costs of the damaged equipment and lease payments. It always pays if you’re covered. Aside from the things mentioned earlier, the policy should also cover sinkholes, flood, theft, earthquakes, fire, and other weather damages. There are even policies that cover sewage and water damage. Don’t forget to confirm the costs involved in faulty workmanship, design error, changes in local laws, or business interruptions. These are considered as soft costs and most policies are able to cover it as well.
The policy should also name all the insured like equipment owners, sub contractors, mortgage companies, equipment owners, etc and before signing the policy, you should check the property owner’s insurance policy to ensure that everything is compatible. The termination of coverage should also be indicated in the policy. You can also include in the checklist the coverage for pollution costs, testing, and debris removal. Include everything in the checklist so that when you review the Builders Risk Insurance, you can easily find out if most of your needs are covered or not.
Write the checklist before you shop for the best policy in the market. It will serve as you key to finding the insurance policy that will cover most (if not) all your needs. Always check what popular and reputable companies have to offer. You can also obtain quotes online and use comparison websites to make an informed decision. Start conducting your own research now and know the options available.
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