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 Sonoma, 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 Sonoma 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 Sonoma CA 95476 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 Sonoma is a type of insurance policy that protects devices, products, and fixtures in a building that is still under construction. Hence, the building under construction is the entity being insured, but the coverage may reach the materials and components or equipment within the vicinity.
Numerous risks can cause an obstacle to the construction development in Sonoma CA. For example, it is possible for the building to catch fire while under construction, or for some materials to fall off and damage some equipment.
How Far Does The Coverage Go?
The builders’ risk insurance coverage usually in Sonoma pays for damages to the coverage limit. Hence, the owners are generally advised to make sure the coverage limitation properly reflects the overall completed value of the structure, including the overall expense of material and labor. The value of the land is ruled out 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 3, six or twelve months. In case the task takes longer to complete, the insurance company might extend the coverage but only once.
Standard Inclusions and Exclusions
While the policy aims to safeguard against damage that will compromise the task, there are some circumstances the coverage will not apply.
Usually, the policy will cover risks like fire, theft, hail, lightning, vandalism, vehicle or airplane mishaps and in some cases 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 material and property in the open, mechanical breakdown, war, earthquakes, federal government actions or breach of contract in any instance. There are restricted covers in the event of the building collapsing.
Some damages are covered by a professional liability. These circumstances include bad design and preparation, craftsmanship and products. A separate insurance policy can cover natural catastrophes like earthquakes and floods.
Other Things to Consider
There are circumstances the policy will not apply, and your insurance company 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 does not apply where there is no professional liability, accidents injuring persons at the site, or where the devices and tools are not insured. The coverage will generally end when the construction is complete, and the building is occupied, hence in the event of an accident, the policy will not apply.
The builders’ risk insurance coverage is meant to cover losses associated with the construction of the structure. The finer terms and conditions will generally vary 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 delays, and the monetary repercussions should an accident compromise the structure. Therefore, consider purchasing a builders’ risk insurance policy for your construction project.