What is builders risk insurance?
Builders risk insurance can be complex and easily misunderstood, as coverage and policies vary from one insurance company to the next. But in a nutshell, builders risk insurance is property protection for your construction project, from start to finish.
It protects the building or structure, as well as any materials, supplies and equipment used in the course of construction. A builders risk policy can be purchased by the contractor, the building or business owner, or even a lender, and may also cover the architect or engineer involved.
Once your project is complete, your builders risk insurance policy would end, and you’d want to consider a commercial property insurance policy to continue protecting your investment.
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