Builder’s Risk Insurance

Protecting Your Construction Ventures

Welcome to Cusick Insurance Brokers, Ltd., your trusted partner in safeguarding the interests of real estate developers and general contractors. We understand the unique challenges and risks that your industry faces, which is why we’re here to provide expert advice and tailor-made insurance solutions. Let’s dive into the world of Builders Risk Insurance, a vital aspect of construction projects.

What is Builders Risk Insurance?

Builders Risk Insurance, often referred to as Course of Construction Insurance, is a specialized policy designed to protect your construction projects during the building phase. It’s a safety net that shields your investments from unforeseen events that could disrupt or damage your construction work. This insurance covers both new construction projects and renovations, ensuring that your hard work and financial investments are secure.

Who Needs Builders Risk?

Builders Risk Insurance is essential for anyone involved in construction, including:

  1. Real Estate Developers: Whether you’re building a new residential complex or renovating commercial properties, Builders Risk Insurance safeguards your financial interests.
  2. General Contractors: As the driving force behind construction projects, general contractors must ensure that their equipment, materials, and structures are protected from risks.
  3. Subcontractors: Individuals or companies working on specific aspects of a project can also benefit from Builders Risk Insurance to protect their investments.

What Does Builders Risk Cover?

Builders Risk Insurance typically covers the following:

  1. Property Damage: This includes damage to the structure, building materials, and even temporary structures like scaffolding.
  2. Theft and Vandalism: In case of theft or vandalism on the construction site, this insurance provides coverage.
  3. Fire Damage: Fires can be devastating, and Builders Risk Insurance offers protection against this risk.
  4. Weather Events: From windstorms to hail, coverage extends to damage caused by various weather conditions.
  5. Soft Costs (Optional): Soft Costs coverage can be added to your policy, covering expenses like architectural and engineering fees, legal fees, and other costs incurred due to project delays.

What Does Builders Risk Not Cover?

While Builders Risk Insurance is comprehensive, it typically does not cover:

  1. Employee Injuries: Workers’ compensation insurance is needed to cover injuries sustained by employees on the job.
  2. Design Errors: Any design flaws or errors are generally not covered.
  3. Acts of Terrorism: Specialized policies are required for coverage against acts of terrorism.

How is the Cost/Premium Determined?

The cost of Builders Risk Insurance varies based on several factors, including:

  1. Project Value: The total value of the construction project.
  2. Location: The geographic area where the construction is taking place, including climate considerations.
  3. Construction Type: The complexity and nature of the construction work.
  4. Policy Limits: The coverage limits you choose for your policy.
  5. Deductibles: The amount you’re willing to pay out of pocket before insurance kicks in.

At Cusick Insurance Brokers, Ltd., we work closely with you to assess these factors and provide a tailored insurance solution that meets your specific needs and budget.

Ready to cover your project? Contact us today.

Builders Risk Insurance is your shield against unexpected setbacks in the world of construction. At Cusick Insurance Brokers, Ltd., we understand the intricacies of your business and are here to help you navigate the insurance landscape. Contact us today to discuss how we can secure your construction projects and ensure your peace of mind.

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