Builders risk insurance, also called course of construction insurance, is insurance designed for buildings during the construction process.

As a builder (or property owner) you know that during construction, projects are subject to a wide variety of risks or damage. While under construction, a project could suffer from damages due to high winds, fire, or sabotage of some nature. Builders risks policies can be written specifically to cover the construction term; usually three, six, or twelve months and the policy will cover the same perils of most property polices including fire, wind, theft, vandalism, lighting, etc.

Who Should Consider Builders Risk Insurance?

There are a number of parties involved in a new construction project.  Each party has an interest in the project, and might consider builders risk insurance. The contractor, project manager, and building owners all have interests that need to be protected.

Contractors, owners and project managers often mistakenly think their business insurance policy will cover building during the course of construction. There will be no coverage under a standard business policy for property loss, unless it has been added by endorsement or under a separate policy.

Excluded Property Under A Builders Risk Policy

There is a relatively short list of property that is not covered under a builders risk policy. This includes automobiles, landscaping, money, contractor’s tools, equipment and machinery.

If you have purchased a builders risk insurance policy for a project or building, make sure to read your policy carefully to become familiar with the policy language and find out whether there are any exclusions or items that will not be covered.

Our agents at PMA Insurance Services,  are experts when it comes to making sure you have the coverage you need for your building project.  If you are involved in (or planning) a construction project in the near future, call us today at (703) 449-1327!

Finding competitive rates and quality coverage is not always easy but PMA Insurance Services is not just any agency. Homeowners receive the best personal attention and customized service catered to your needs. One of the best providers available with PMA Insurance Services includes Travelers.

Travelers Insurance is a Fortune 500 company decorated with many respectable awards from Forbes, Barron, and Goldman Sachs. Travelers protects homeowners when there is damage to the home or other structure, personal belongings, liability, valuable items, and other living expenses. Extensive auto coverage is also available and offer more than just standard liability.

Travelers insurance gives customers policies to cover property, bodily injuries, medical expenses, comprehensive damage, and collision with objects or vehicles. Travelers also protect injured policyholders from high costs caused by underinsured or uninsured drivers and offer coverage options for rentals, towing, gap insurance and more. Travelers Insurance is available to customers for efficient claim reporting and customer service.

Do you want the best coverage possible in the Northern Virginia area and nearby areas? PMA Insurance Services is proud to give clients a selection including Travelers, Kemper Preferred, Metlife, Safeco, Allied (Nationwide), and Hartford Insurance.