Builders’ Risk Insurance
Builders risk insurance usually is in the name of the contractor or the property developer; but it could also be in the name of the property owner if he is responsible for insuring it while the property is under construction. Both commercial and residential construction sites might be covered under a builders risk insurance policy.
There are also additional built-in schemes for the specialized needs of a particular construction project, whether it’s commercial or residential. Often, insurance companies request a certain level of experience of the builder before they provide insurance coverage for their commercial sites. Usually, an experience level of 2-3 years in commercial construction is desired.
An additional option that can be attached with builders risk insurance coverage is movement of earth. If the construction is extremely large, then the cost of moving earth from the digging site could amount to a great deal.
A builders risk insurance policy is essential for people who have a financial interest in property construction, either commercial or residential. It doesn’t mean only new construction, but also any remodeling or renovation project.
If any damage to construction material occurs in transit or during storage, then this cost could also be covered under a builders risk insurance policy.
About Fairway Insurance Advisors
Fairway Insurance Advisors provides auto and homeowners and other personal insurance coverages, as well as business or commercial insurance to all of Georgia including: Roswell, Atlanta, Alpharetta, Johns Creek, Cumming, and Suwanee. We work with consumers, business owners and mortgage professionals to craft fair, reasonable programs of insurance.
Fairway - Leading You to a Path of Financial Protection.
Fairway Insurance Advisors is licensed in Georgia, North Carolina, South Carolina, Alabama, Virginia, Florida, and Tennessee. www.fairwayinsuranceadvisors.com