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Builders’ Risk Insurance (also known as Course of Construction coverage) indemnifies for loss of, or damage to, a building under construction. Insurance is normally written for a specified amount on the building and applies only in the course of construction. Coverage customarily includes fire, theft, malicious mischief, and vandalism. The builders risk policy also may include coverage for items in transit to the construction site (up to a certain percentage of value) and items stored at the site. If you are building a new home or remodeling an existing structure, you will most likely have a builders’ risk insurance policy requested by the bank which provides you with the construction loan.
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