Another type of insurance independent contractors need to have from time-to-time is builder’s risk insurance also known as course of construction insurance. This type of property insurance provides coverage where the construction is taking place. It’s unique in that it can be tailored to cover specific areas or more. If you require builder’s risk insurance in Newcastle, then California Contractors Insurance is here to help. We provide any type of builder’s risk insurance you may require, no matter the length of terms you require, which typically run from three, six, or 12 months. The term can be extended, though normally just one time.
Builders Risk Insurance Company Near Me In Newcastle California
When it comes to the details and terms involved with builder’s risk insurance it can provide coverage a variety of different ways. For example, builder’s risk insurance can cover just the building or structure involved. For more information, you’ll want to contact the experts at California Contractors Insurance. We have the professionals who know all the ins and outs of this unique yet necessary type of property insurance. Each of our agents in Newcastle CA 95658 is expertly trained, knowledgeable and certified to tailor any builder’s risk insurance policy you desire. We’ll provide you with the coverage which will give you the peace of mind you need.
Free Builders Risk Insurance Quote – (888) 728-4034
Are you covered with the type of property insurance your job site needs, such as builder’s risk insurance of course of construction insurance? Not sure? Don’t worry, it’s a unique type of coverage but one we here at California Contractors Insurance company can provide for you. To request a quote, call us today at (888) 728-4034.
Why You Need Builders’ Risk Insurance
Builders’ risk insurance in Newcastle is a kind of insurance policy that protects equipment, materials, and components in a building that is still under construction. Hence, the structure under construction is the entity being insured, but the coverage might encompass the materials and components or equipment within the vicinity.
Numerous risks can cause a setback to the construction progress in Newcastle CA. For instance, it is possible for the building to catch fire while under construction, or for some products to fall off and damage some equipment.
How Far Does The Coverage Go?
The builders’ risk insurance plan generally in Newcastle pays for damages to the coverage limit. Thus, the owners are generally encouraged to make sure the coverage limit properly reflects the overall finished value of the structure, including the overall cost of material and labor. The value of the land is not considered in this case. In many cases, the construction budget will set the coverage limit.
The terms of the policy also differ from one company to another. The policy can be written in regards to three, 6 or twelve months. In case the job takes longer to complete, the insurer might extend the coverage but only once.
Standard Inclusions and Exclusions
While the policy intends to safeguard against damage that will compromise the job, there are some circumstances the coverage will not apply.
Typically, the policy will cover risks like fire, theft, hail, lightning, vandalism, vehicle or airplane accidents and sometimes wind.
There are instances where the coverage might not apply. This will consist of (but not limited to): worker theft, water damage, weather condition damage to product and property in the open, mechanical breakdown, war, earthquakes, federal government actions or breach of contract in any circumstances. There are minimal covers in the event of the building collapsing.
Some damages are covered by a professional liability. These circumstances consist of bad design and planning, craftsmanship and materials. A separate insurance policy can cover natural disasters like earthquakes and floods.
Other Things to Consider
There are instances the policy will not apply, and your insurance provider will be sure to let you know. The builders’ risk insurance will not cover other individuals’s property. It also will not cover subcontractors as they are required to have their own coverage.
The policy also does not apply where there is no professional liability, accidents injuring persons at the site, or where the equipment and tools are not insured. The protection will normally end when the construction is complete, and the building is inhabited, therefore in the event of an accident, the policy will not apply.
The builders’ risk insurance coverage is meant to cover losses related to the construction of the structure. The finer terms will typically differ from one company to another, and hence, you are recommended to make sure you understand how far the protection will go.
Having such a policy in place will prevent hold-ups, and the monetary consequences should a mishap compromise the structure. Therefore, consider purchasing a builders’ risk insurance policy for your construction project.