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Builders Risk Insurance in Jacksonville, FL

Construction projects include a multitude of facets and functions, many of which are rife with extensive risk profiles and possible financial exposures. These inherent conditions necessitate a diligent and responsible approach toward risk management and loss control, as even an isolated oversight or error could have far-reaching implications. That’s why, regardless of experience level or attention to detail, all parties involved in these jobs should understand and prioritize builders risk insurance.Construction worker in safety gear handling equipment on an active site.

What Is Builders Risk Insurance?

Also known as course of construction insurance, these policies can fulfill a crucial role in the financial stability and ongoing viability of many types of projects. Builders risk insurance should be considered an integral part of adequate coverage for construction jobs involving renovations to an existing structure and newly assembled buildings. By doing so, contractors, project owners, and other stakeholders can position themselves to recoup the potential losses and expenses arising from various incidents.

What Do These Policies Cover?

Builders risk insurance can often be customized to suit a policyholder’s unique circumstances, including the location of a project, its size and scope, and the risk tolerance of stakeholders. In many cases, the following incidents may be covered:

  • Fires
  • Hail
  • Explosions
  • Theft
  • Vandalism
  • Lightning

In the aftermath of these situations, claims and subsequent payouts may help recoup damages involving the following:

  • Buildings under construction
  • Temporary structures (e.g., fences and scaffolding)
  • Materials and supplies
  • Tools and equipment
  • Key documents (e.g., blueprints and contracts)

In addition to physical damage sustained by the aforementioned items, builders risk insurance may also help compensate insureds for additional costs incurred due to a covered incident. This could include additional fees and greater interest accrued on loans due to delays.

Who Needs This Type of Coverage?

Builders risk insurance may often be purchased by a general contractor or project owner, but multiple parties may be listed on the policy as insureds. Generally, all stakeholders, including the following, should ensure adequate coverage is in place:

  • Property owners
  • Developers
  • General contractors
  • Subcontractors
  • Investors
  • Lenders
  • Architects
  • Engineers

Get the Right Coverage

Contact Gator Auto Insurance Agency Inc. today to learn more about builders risk coverage or compare quotes.

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