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 Salinas, 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 Salinas 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 Salinas CA 93901 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 Require Builders’ Risk Insurance
Builders’ risk insurance in Salinas is a type of insurance policy that protects devices, products, and fixtures in a building that is still under construction. Thus, the structure under construction is the entity being insured, but the coverage might encompass the products and components or equipment within the area.
Many risks can cause a setback to the construction progress in Salinas CA. For example, it is possible for the building to catch fire while under construction, or for some products to fall off and damage some devices.
How Far Does The Coverage Go?
The builders’ risk insurance coverage generally in Salinas pays for damages to the coverage limit. Hence, the owners are normally encouraged to make sure the coverage limitation accurately shows the overall finished value of the structure, including the overall cost of material and labor. The worth of the land is not considered in this case. In many cases, the construction budget will set the coverage limitation.
The terms of the policy also differ from one company to another. The policy can be written in terms of three, six or twelve months. In case the job takes longer to complete, the insurance company might extend the coverage but only once.
Standard Inclusions and Exclusions
While the policy aims to protect against damage that will compromise the job, there are some circumstances the coverage will not apply.
Normally, the policy will cover risks like fire, theft, hail, lightning, vandalism, vehicle or aircraft accidents and in some cases wind.
There are instances where the coverage may not apply. This will consist of (but not limited to): employee theft, water damage, weather damage to material and property in the open, mechanical breakdown, war, earthquakes, federal government actions or breach of contract in any instance. There are minimal covers in case of the structure collapsing.
Some damages are covered by a professional liability. These circumstances consist of poor design and planning, craftsmanship and products. A different insurance policy can cover natural disasters like earthquakes and floods.
Other Things to Think About
There are instances the policy will not apply, and your insurance provider will make sure to let you know. The builders’ risk insurance will not cover other individuals’s property. It also won’t cover subcontractors as they are required to have their own coverage.
The policy also does not apply where there is no professional liability, mishaps injuring individuals at the site, or where the equipment and tools are not insured. The coverage will normally end when the construction is complete, and the building is occupied, hence in case of a mishap, the policy will not apply.
The builders’ risk insurance policy is meant to cover losses related to the construction of the particular structure. The finer terms and conditions will normally differ from one company to another, and thus, you are advised to make sure you comprehend how far the coverage will go.
Having such a policy in place will prevent delays, and the monetary repercussions should a mishap compromise the structure. Therefore, consider purchasing a builders’ risk insurance policy for your construction task.