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ProRisk Insurance

Builders Risk Insurance

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Builders Risk Insurance

What is builder’s risk insurance?

Builders risk insurance is a specialized policy that provides financial protection for buildings and structures that are under construction, renovation, or development. It also covers equipment, materials, and temporary structures involved in the project.

This coverage can include:

Construction materials

Supplies used in the building process.

HVAC equipment

Heating and air-conditioning units.

Labor costs and expenses

Protection for project-related costs.

Temporary structures

Includes fencing, scaffolding, signage, false work, cribbing, and even landscaping elements like trees and plants.

Beyond protecting physical assets, builders risk insurance also helps cover debris removal and losses caused by defective workmanship. These policies typically extend coverage to property owners, general contractors, subcontractors, and lenders financing the project.

This type of insurance is essential for safeguarding construction projects against unexpected financial risks, ensuring that work can continue smoothly despite potential setbacks.

What’s covered under a builder’s risk insurance policy?

A builder’s risk insurance policy provides financial protection for construction projects by covering various risks that could lead to delays, damage, or financial loss. Coverage typically includes:

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Property & Materials Coverage

  • Buildings & Structures – Covers the building under construction, renovation, or repair.
  • Construction Materials – Protects materials stored on-site, in transit, or temporarily stored off-site.
  • Temporary Structures – Includes scaffolding, fencing, cribbing, false work, construction signs, and even landscaping elements like trees and plants.
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Equipment & Labor Costs

  • Tools & Equipment – Covers certain machinery and equipment used in construction.
  • HVAC Systems – Protection for heating, ventilation, and air-conditioning units.
  • Labor Costs & Expenses – Helps reimburse project-related expenses in the event of a covered loss.
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Additional Coverages

  • Debris Removal – Covers the cost of clearing and removing debris after a covered event.
  • Fire, Theft, & Vandalism – Protects against losses due to fires, stolen materials, or damage caused by vandalism.
  • Defective Workmanship & Materials – May cover losses related to faulty work or poor-quality materials.
  • Weather-Related Damage – Includes protection against wind, hail, lightning, and other natural disasters (depending on the policy).
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Court-appointed individuals (e.g., estate administrators)

Who’s covered?

A builder’s risk insurance policy typically provides coverage for multiple stakeholders involved in the project, including:

  • Property owners
  • General contractors
  • Subcontractors
  • Lenders and financing institutions

This coverage ensures that construction projects remain financially protected against unexpected setbacks, helping builders and property owners mitigate risks and avoid costly disruptions.
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