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 Scotia, 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 Scotia 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 Scotia CA 95565 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 Scotia is a type of insurance policy that protects equipment, materials, and components in a building that is still under construction. Thus, the building under construction is the entity being insured, but the coverage may encompass the materials and fixtures or equipment within the vicinity.
Many risks can cause a problem to the construction development in Scotia CA. For example, it is possible for the structure to catch fire while under construction, or for some materials to fall off and damage some devices.
How Far Does The Coverage Go?
The builders’ risk insurance policy usually in Scotia pays for damages to the coverage limit. Hence, the owners are typically encouraged to make sure the protection limit precisely reflects the total 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 limitation.
The terms of the policy also vary from one company to another. The policy can be written in regards to three, 6 or twelve months. In case the project takes longer to finish, the insurance provider may extend the coverage but only once.
Standard Inclusions and Exclusions
While the policy intends to protect against damage that will compromise the project, there are some circumstances the coverage will not apply.
Generally, the policy will cover risks like fire, theft, hail, lightning, vandalism, vehicle or aircraft mishaps and sometimes wind.
There are instances where the coverage may not apply. This will consist of (but not restricted to): employee theft, water damage, weather damage to product and property in the open, mechanical breakdown, war, earthquakes, government actions or breach of contract in any circumstances. There are minimal covers in case of the structure collapsing.
Some damages are covered by a professional liability. These circumstances include bad design and preparation, craftsmanship and products. A separate insurance plan can cover natural disasters like earthquakes and floods.
Other Things to Think About
There are instances the policy will not apply, and your insurer will make certain to let you know. The builders’ risk insurance will not cover other people’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 injuring individuals at the site, or where the equipment and tools are not insured. The coverage will usually end when the construction is complete, and the structure is occupied, hence in the event of an accident, 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 typically vary from one company to another, and thus, you are encouraged to make sure you comprehend how far the coverage will go.
Having such a policy in place will prevent delays, and the financial effects should an accident compromise the structure. Therefore, consider purchasing a builders’ risk insurance policy for your construction task.