Homeowners and commercial property insurance policies have limited coverage for renovation work especially when it comes to structural work being done by a contractor. The solution; Builders Risk Insurance, a policy specifically designed for new construction, remodelling and installation projects for residential and commercial risks.
In a Builders Risk policy, the construction job is covered for perils of fire, lightning, wind, water. There is also coverage for building materials stored on the property and in transit from the perils of vandalism, theft and arson.
Type of remodeling work covered by a Builders Risk policy:
•Bathroom and kitchen improvements
• Building additional stories
• Ground-floor additions
• Removing load-bearing walls
Installation work covered:
• Cabinets and countertops
• HVAC units
• Solar panels
• Tile or floor work
It is important to understand the liability aspect of a construction job and how to protect yourself as the owner from injuries that are sustained by third parties on the job site. The Builders Risk policy can offer liability as an optional coverage that will cover bodily injury and property damage to third parties however the risk changes when it comes to employees of the contractors and those types of injuries on the job. This would need to be picked up by the general contractor of the job on a primary and non-contributory basis with a waiver of subrogation on the owner.
Owners & Contractors Protective Liability is taken out by an owner of a property that is also acting as the general contractor on a construction job. The policy covers the owner of a property for jobs performed by a general contractor. This is a supplement to the general contractor’s liability policy and will help pick up coverage for bodily injury and property damage during construction.
Call us today and we’ll protect your job site with the best insurance policy available!