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Builders Risk Insurance

What is Covered by Builders' Risk Insurance?

Builders Risk Coverage protects owners and construction contractors against damage to structures in the course of construction. It indemnifies for loss or damage to a building under construction from perils or causes of loss that apply.

In its simplest form, the Builders Risk policy protects from fire, lightening, windstorm, hail, vandalism and malicious mischief. A "named perils" form is limited to damage caused by perils listed in the policy. A broader "all risk" form is available which provides more extensive coverage against all risks not specifically excluded in the policy. Coverage can be extended to cover building materials off-site, during transit and on-site prior to installation.

Simplify Shopping for Builders Risk Insurance

Builders Risk coverage is available as an individual, stand-alone policy, or as part of a customized commercial insurance solution.

Brunswick Companies is well-respected in the construction industry for our comprehensive array of insurance products and services for construction contractors, including business insurance and surety bonding.

For over 35 years, Brunswick Companies' business insurance specialists have provided both general and trade contractors with the expertise to help you identify your exposures and simplify your insurance purchase, providing the information you need to make an informed decision.  We have the "know-how" to help you ascertain the coverage solution that best meets your needs and financial goals.

We provide our clients with access to a wide range of  top-ranked insurance providers. Our extensive experience in working with construction contractors makes us uniquely qualified to provide a cost-effective solution to managing your risk.

Who Needs Builders Risk Insurance? 

Contractors for commercial or residential buildings can protect their business against loss with any of the following policies: 

• Commercial Project Builders Risk insurance provides project-specific insurance for an individual construction project requiring a separate policy. These types of projects may include high-rise offices, warehouses, government buildings, institutional properties, industrial structures, or road projects.
  
  
• Commercial Open Builders' Risk insurance is designed to provide "blanket" coverage for all projects initiated by a contractor during the policy period.
  
  
• Residential Project Builders' Risk insurance covers project-specific risks for a single-family dwelling under construction, requiring a separate policy in the name of the homebuilder or developer.
  
  
• Residential Open Builders' Risk insurance provides "blanket" protection for all new home starts by a builder or developer during the policy period, or for all new home starts in a single subdivision during the policy period.

What Forms of Builders' Risk Coverage Are Available?

• The completed value form is used for a single project. The estimated final value of a covered building determines the amount of insurance carried.
  
  
• The reporting coverage form is a form of builders' risk where the amount of insurance is adjusted throughout the course of construction based on the reports of value submitted by the insured to the insurance company. (The reports could be monthly, quarterly, semi-annual or annual.) The coverage increases as the value of the property increases.

Construction contractors may also want to consider obtaining Contractors' Equipment Insurance, an Installation Floater and/or a Tools and Equipment Floater.