Builder's Risk Insurance generally covers the owner, the lending institution, the contractor(s) performing the work, and other related parties. In addition to providing coverage for damage to the building itself, most plans also cover temporary constructs (like scaffolding), materials, and equipment being used (whether it's currently on-site or off-site). The majority of policies are written on an all-perils basis, which means that reimbursements are available for any losses except those specifically excluded.
Common exclusions from this coverage include (but are not limited to):
- The value of the land itself
- Employee theft
- Damages beyond the estimated value of the construction
- Any losses brought by law or ordinance changes
- Damage from earthquakes
- Losses from war, nuclear hazards, or actions by civil authority
Contractors Insurance Specialists! Houston TX is committed to providing clients with the highest quality insurance plans available combined with some of the lowest possible rates. Whether you are shopping for contractor insurance, surety bonds, or general liability, we can help you obtain the best coverage available with the lowest rate possible.