Regardless of the size of your construction outfit, having a builders risk policy protects the building project while under construction. Weather elements, natural disasters and human error can cost the company additional money, cause unexpected problems or extend the project timeline. Builders risk insurance in NY provides coverage needed during building construction.
Builders risk covers just the project currently being erected. Protecting the company from risk and liabilities is important, but not all general liability policies extend to the construction project itself. Consider some of the following when determining the coverage to purchase:
- Windstorm and flood coverage
- Destruction of materials and structures by vandalism or fire
- Losses due to ordinance and law changes
- Theft of on-site materials not yet installed
- Insure stored materials for future installation
- Coverage of unexpected taxes or financier penalties due to delays
- Transportation of needed materials to the siteBuilders risk insurance in NY covers rehab, new construction and refurbishment projects. Lower your risks and protect your project, business and self against potential loss while building. Depending on the additional coverage options selected, the cost of the insurance varies among companies and projects. Additional cost impacts include amount of deductible, performance and claims history, value of the project and other risk values. Choose the right policy for each project and rest easy.