Builder’s risk insurance can be defined as coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.
When the term “builder” is used to describe this type of insurance, many people don’t know that it has multiple meanings. It is a bit misleading, as this insurance includes not only the contractor(s) performing the work, but it also includes the owner(s), the financial lending institution and even others. One important point to note, most Suppliers of the raw materials used in building construction, are not normally candidates for builder’s risk insurance.
Call us today. Your Flatlands Jessup Insurance representative can guide you and get the best coverage for your needs.