Builders Risk Insurance in Orem, UT & Salt Lake City, UT
Contrary to popular belief, builders risk insurance isn’t just for contractors. Anyone who has an investment in a construction project should consider requiring or carrying builders risk insurance to protect their assets in case of an accident.
Advance Insurance works with individuals and entities who have an investment in construction projects and may need extra protection, such as builders risk insurance. We will help you evaluate your risk and find a policy to protect you in case of an accident or disaster.
What Does Builders Risk Insurance Cover?
Builders risk insurance covers construction projects if they are damaged while being installed or shortly after being installed before the construction project is complete. This insurance can cover items that are lost or damaged such as equipment, materials and fixtures. It can cover against dangers such as:
A single accident or storm could damage the materials and equipment used to complete the project, meaning it will cost money and time to replace what was lost. This can be especially detrimental to time-sensitive projects.
Who Should Carry Builders Risk Insurance?
Builders risk insurance should be carried by anyone who has a monetary investment in the project. This includes contactors, builders, investors, property owners and more. If you hire contractors to build a new school in your school district, for example, the school district may want to carry builders risk insurance in order to protect their investment in the project in case equipment or materials are damaged.
When is Builders Risk Required?
Contractors and entities may be required to carry builders risk insurance by other parties who have stake in a project in which they could suffer financially if the project isn’t completed. For example, if a business hires contractors to complete a project, they may ask the contractors to carry builders risk insurance until the project is complete.
Insure in Builders Risk Today
Protect your investment with Advance Insurance today. Call us at 801-226-1100
or fill out a quote form
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Common Builders Risk Insurance Questions
How Much Does Builders Risk Insurance Cost?
Builders risk insurance premiums depend on the size and cost of the project, coverage limits, location and other factors. Fill out a quote form
to save money on your builders risk insurance policy today.
How Does Builders Risk Insurance Work?
When you purchase a builders risk insurance policy, this policy is only designed to provide coverage until the project is complete. Once the project is complete, the policy will be void.
Why Purchase Builders Risk Insurance?
Aside from any requirements you may face, builders risk insurance can protect you from financial loss related to a project investment. Without it, you could be looking to lose thousands or more in investment on a project that may not be completed.