uilder’s 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 and extended coverage and vandalism and malicious mischief. 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 builder's risk insurance policy requested by the bank, which provides you with the construction loan

 

Why not make the homeowner purchase this policy themselves?

In many projects the homeowner takes responsibility for purchasing coverage. However, we recommend that you should take out the Builders' Risk Coverage instead of leaving it up to the homeowner. If you leave it up to the homeowner, they may forget to take it out or they may buy a policy with inadequate coverage. In most cases, the costs of this coverage is written into the contract and passed through to the owner of the building.

 

Why obtain Builder’s Risk coverage from Skyles Insurance Agency (SIA)?

When compared to General Liability coverage, Builder’s Risk is a fairly inexpensive policy. However, that doesn’t mean that all policies are the same. SIA has access to some of the highest quality yet lowest priced Builder’s Risks programs in the state. We will also work to make sure that your Builder’s Risk coverage matches well with any existing Liability policy to make sure there are no coverage “holes” your business may fall into.