Course of construction, more commonly known as a builder’s risk policy, is an insurance policy in which you can protect the materials and equipment that are going to be permanently installed at a new construction or renovation. Should something happen on your job site, it’s the best way to make sure that the general contractor, business owner, property owner, and other invested parties are covered from losses. Within most construction budgets, this is a required insurance policy. The business owner or client will often require builder’s risk as a safety precaution.
If you think from the perspective of the business owner, it’s easy to see why this is an important coverage type. Thinking from their perspective will also help better understand the policy language and obtain the best insurance policy possible. In your construction contract, there should be information about the required types of insurances as well as any additional insured that should be on them.
For the most part, this section will be all you need to obtain construction insurance and start the job. In other cases, the insurance company can walk you through the process by hand. However, there are times when you will need help getting a builder’s risk insurance policy. Today, we are giving you five steps to ensure that you get there on time and budget.
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