Southern Jersey New Jersey Construction Projects Involve Unique Risks
Construction projects include unique risks not properly
handled by other insurance policies because buildings under construction are more subject to
damage from the elements such as rain, hail, snow and wind
than completed structures.
Another key issue is that construction property projects
values do not remain the same value throughout the duration of the
policy period.
Instead, the insurable value of a construction project starts out small in the
early stages of the job and continually increases until
project is complete. Also, the property may be owned by
the subs, the general contractor or property owner. The property
can be at the construction site in transit or even off-site.
To cover these unusual exposures, a Builder's risk insurance policy is needed.
These are specialized policies created to cover the property loss exposures that
go along with construction projects in Southern Jersey NJ.
Who Is Responsible For Purchasing Builders Risk Insurance?
The "Insurance requirement" sections of the contract will explain whether
the project owner or the general contractor is responsible for buying a Builders Risk policy.
Many companies file their own forms and builders Risk is a non-standard form of coverage.
But generally, each builders
Risk policy will cover all fixtures, materials, equipment that will be used in the construction, machinery, the building that is being constructed and supplies.
Builders Risk Policy Coverages Can Be Vastly Different?
By way of example, this is how substantially vastly different builders in Southern Jersey New Jersey risk can be.
One of our builders risk insurance markets does not contribute any general liability as part of their policy - it is
simply not available. If the project takes 2 days or 1 year - you pay the same price.
Call us at (908) 730-6443 or
contact us for answers to your Southern Jersey NJ Builders Risk insurance questions.
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