Albany Construction Projects Involve Unique Risks
Construction projects involve unique risks not adequately
handled by other insurance policies because buildings under construction are more subject to
damage from the elements such as snow, rain, wind and hail
than completed structures.
Another big issue is that construction project property
values do not remain consistent throughout the duration of the
policy.
Instead, the insurable value of a construction project starts out small in the
beginning of the job and continually increases until
the project is done. Also, the property may be owned by
the general contractor, the subs or property owner. The property
can be in transit at the construction site or even off-site.
To cover these unique exposures, a Builder's risk insurance policy is needed.
These are specialized policies created to cover the property loss exposures that
come with construction projects in Albany NY.
Who's Responsibility is it to purchase Builders Risk Insurance
The "Insurance requirement" sections of the contract will specify whether
the the general contractor or project owner is responsible for purchasing a Builders Risk policy.
Builders Risk is a non-standard form of coverage and many companies file their own forms.
In general, each builders
Risk policy will cover supplies, the building that is being constructed, machinery, equipment that will be used in the construction, all fixtures and materials.
Builders Risk Policy Coverages Can Be Vastly Different?
This is how vastly different builders in Albany risk can be, by way of example.
One of our builders risk insurance markets does not provide any general liability as part of their policy - it is
simply not available. You pay the same price if the project takes 2 days or 1 year.
Call us at (888) 553-0021 or
contact us for answers to your Albany Builders Risk insurance questions.
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