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 San Francisco County, 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 Specialists Near Me In San Francisco County 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 San Francisco County CA 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 San Francisco County 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 may encompass the products and fixtures or devices within the vicinity.
Many risks can cause a problem to the construction progress in San Francisco County CA. For example, it is possible for the structure 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 policy generally in San Francisco County pays for damages to the coverage limit. Hence, the owners are generally encouraged to make sure the protection limit precisely shows the overall completed worth of the structure, including the total expense of material and labor. The value of the land is not considered in this case. In some cases, the construction budget will set the coverage limitation.
The terms of the policy also vary from one company to another. The policy can be written in regards to three, six or twelve months. In case the project 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 in some cases wind.
There are circumstances where the coverage might not apply. This will include (but not restricted to): worker theft, water damage, weather damage to product and property outdoors, mechanical breakdown, war, earthquakes, federal government actions or breach of contract in any circumstances. There are restricted covers in the event of the building collapsing.
Some damages are covered by a professional liability. These circumstances include poor design and planning, workmanship and products. A separate insurance plan can cover natural disasters like earthquakes and floods.
Other Things to Consider
There are circumstances the policy will not apply, and your insurer 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 doesn’t apply where there is no professional liability, accidents hurting individuals at the site, or where the equipment and tools are not insured. The coverage will typically end when the construction is complete, and the building is occupied, thus in the event of a mishap, the policy will not apply.
The builders’ risk insurance plan is meant to cover losses related to the construction of the structure. The finer terms and conditions will usually differ from one company to another, and hence, you are encouraged to make sure you comprehend how far the protection will go.
Having such a policy in place will avoid hold-ups, and the monetary consequences should an accident compromise the structure. Therefore, consider buying a builders’ risk insurance policy for your construction job.