Business Owners Policy
Property and general liability bundled into one policy for small and mid-sized firms.
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Builders Risk
Cover for a structure while it is under construction or renovation.
What this cover does
A building under construction is not an insurable risk under a standard property policy — there is no completed structure to insure and the exposure changes weekly. Builders risk covers the work in progress, the materials and often the delay in completion.
Typically included
- The structure under construction or renovation
- Materials, fixtures and equipment to be installed
- Materials in transit and in temporary storage
- Debris removal and site clean-up after a loss
- Temporary structures, scaffolding and formwork
Common add-ons
- Soft costs — interest, fees and permits lost to delay
- Delay in start-up and lost rental income
- Flood and earthquake on exposed sites
- Testing and commissioning cover
- Existing-structure cover on renovations
Questions
What people ask about builders risk
Who should buy it — owner or contractor?
Either, provided every party with an interest is named. Disputes after a fire are usually about who was named, not whether cover existed. The contract should say, and we check it against the policy.
When does cover end?
Typically at occupancy, acceptance or a stated date, whichever comes first. The permanent property policy must start the same day or there is a gap.
Often taken together
Related cover
General Liability
Third-party injury, property damage and advertising injury claims against your business.
Read more →Quote Builders Risk
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.