How Do You Prepare A Builders Risk Insurance Checklist?
Builders risk insurance insures a building under construction. The contractor normally purchases a builders risk policy to cover their materials and the property under construction until it is claimed by the owner. Builders Risk policies cover new construction or remodeling projects. Builders risk policies are project specific and are purchased in addition to a contractor’s general liability insurance. A contractor should ensure his risk policy contains the following basic provisions. Ascertain if the business risk policy covers building materials and supplies on the job site, in storage and in transit. Materials should be insured installed and uninstalled. Check to see if temporary structures, foundations and excavation sites are adequately insured by the business risk policy. Ensure equipment, scaffolding, fences leased and owned by the contractor are covered on site and in transit. Remember if disaster strikes, you may be responsible for lease payments on destroyed equipment. Your b
