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Builders risk insurance protects against various risks that could damage your construction project, including:
Builders risk insurance protects your construction projects from unexpected property damage. Moreover, it helps cover additional soft costs or non-construction expenses that might arise due to delays caused by such damage. These costs can include:
By customizing your policy with coverage extensions, you can ensure comprehensive protection for your unique project needs.
It's common to confuse builders risk insurance with contractor's general liability insurance. While they might appear similar, they serve different purposes. Builders risk insurance covers the contractor's property and equipment during construction. In contrast, a contractor's general liability insurance covers bodily injury, property damage, and liabilities that arise from accidents or injuries. This liability insurance protects contractors if they are accused of causing injury or property damage.
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Ensure your construction project in Maryland is well-protected with the right builders risk insurance policy from Pillar Insurance Group LLC. Contact us today to learn more about our customized insurance solutions.
Setting the Right Insurance Limit
To ensure adequate coverage, the builders risk insurance policy must meet the maximum coverage limit, which should accurately reflect the structure's completed value (including all materials and labor costs, but excluding land value). The construction budget is a helpful guide for determining the appropriate insurance limit.
Secure Your Construction Project Today
Protect your construction investment with a tailored builders risk insurance policy from Pillar Insurance Group LLC in Maryland. Contact us about your unique requirements to ensure your project is handled from beginning to end.
