Eligible Builders Risk Clients and Construction Projects

Eligible Builders Risk Clients and Construction Projects

As a brief background, ‘builder’s risk’ insurance. Also known as ‘construction course’ insurance. And that is a specific type of property in home insurance commonly used on construction projects or builders projects.

Who Needs Builder Risk Coverage?

Any person or company with a financial interest in the construction project needs builder’s risk home insurance. Some common people you may want to include on your eligible builders risk clients policy as policyholders include the Property owner.

Eligible Builders Risk Clients and Construction Projects

For coverage to apply under a builder’s hazard policy, there must be physical loss or property damage. Builder’s risk policies generally contain exclusions for any type of indirect or consequential loss. This would include losses due to builders construction delays caused by damage of the structure by an insured.

The builder’s guarantee is a type of insurance. In theory, it is meant to provide coverage to protect you, the homeowner, in situations where you are having issues with the work you did on the constructor (or not, if so).

Who Buys Builder’s Risk Insurance?

Almost every customer who has a financial interest in the completed project can take out risk insurance for builders. And individuals or companies, including contractors, business owners, homeowners, or financial institutions, are typically your top eligible builders risk clients.

Eligible Builders Risk Clients and Construction Projects
Eligible Builders Risk Clients and Construction Projects

Depending on the terms of the construction contract. Therefore, the contractor or project owner may need to purchase risk coverage for the builders. Get your project cheat sheet for lists of sample projects.

The Zurich-insured Builders Risk clients plan allows policy purchased in the name of the owner or builder. But not of the mortgagee (bank). So contractors and other stockholders may also be protected under a named rider.

Is Builders Risk The Same as Course of Construction?

If your customer adds the builder or owner as an additional insured person. To ensure that a waiver waiver is clearly outlined in the construction contract or agreement. This protects the interests of an additional insured person in the event of property damage during construction.

Residential Projects

Best Builder’s risk insurance is crucial for any homeowner, So the residential contractor making changes to a property. Whether you’re building a new home for a family of four or remodeling an existing structure. Eligible residential customers can include:

  • Owners
  • House fins
  • Owners
  • Real Estate Agents
  • Residential Contractors
  • Subcontractors
  • Commercial Projects

Builder Risk Home Insurance

Building contractors and commercial property owners are also great candidates for home eligible builders risk clients. When doing construction work, renovations or installations. Eligible business customers may include:

  • Commercial contractors
  • Commercial property owners
  • Municipalities (local governments, school districts)
  • Real Estate Agents
  • Retail tenants who are expanding or remodeling a leased space
  • Subcontractors.

What Kind of Projects Can Builders’ Risk Insurance Cover?

Builders risk insurance isn’t just for new custom home construction. Whether residential or commercial. And our Builder Risk Policy has a huge appetite for a wide variety of project types valued at up to $75 million.

Firstly New Construction: This includes any new building that has been built from scratch. Whether residential (house, apartment / condominium) or commercial (office building, restaurant, retail business).

Secondly Remodeling – A remodel involves making changes to an existing space outside of a facility. In a residential property, this could include remodeling the kitchen or bathroom. Common commercial remodeling may include a business expanding into an adjacent tenant area or updating the interior to a more modern look.

Thirdly Installation – These projects include the installation of a single device or feature. Like new closets or floors on a residential lot or an awning or signage for a commercial property. And an installation is more restricted than a complete conversion.

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  • Eligible Builders Risk Clients and Construction Projects.