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Builders Risk Insurance

Residential & Commercial

  • All Construction Projects Considered
  • 6mo & 12mo Term Options
  • Existing Structure Coverage Offered
  • Flood Coverage Available
  • Prior Losses Considered
  • Same Day Coverage Available

Arizona | Colorado | Florida | New Mexico | Texas

Proudly Serving Since 2013

(602) 888 - 1732

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The Foundation Of A Successful Project Starts With Quality Coverage

lloyds of london
Scottsdale Insurance
Tapco Underwriters

Additional Markets: AU Gold, Great American, Markel, Neptune Flood, Phly, Tokio Marine HCC, United Specialty

Who's Eligible To Buy Builders Risk Insurance?

There are several groups of eligible clients for a commercial or residential builders risk policy – all of which can purchase the policy in their name, including the following:

  • Homeowners / Property Owners
  • Builders / Contractors
  • Development / Investment Companies

What Does Builders Risk Insurance Cover?

Builders risk insurance can cover a variety of projects, offering standard coverage and additional endorsements to tailor policies for any residential or commercial course of construction project. Depending on the coverage selected at the time of policy issuance, the Builders Risk Policy can protect the policyholders' financial well being should loss occur from exposures such as theft, fire, materials in transit, back-up of sewers, flood, earthquake and much more.


What Happens After Construction Has Completed?

Once the build project has completed you may need to purchase vacant property coverage to cover the gap between sale or occupancy. We an certainly help with this and will have this conversation long before the project is completed. If the property has been pre-sold or you have tenants ready to move in than we can look at writing the correct policy for the change in exposure, just let us know what your end game is.

Claims Scenario: Fire Damage During Construction

Imagine a construction company is working on a new commercial building project. The project is in the middle of construction, and significant progress has been made. However, one day, a fire breaks out on the construction site. The fire quickly spreads and causes extensive damage to the partially completed structure, including damage to the building's framework, electrical systems, and construction materials.

In this scenario, here's how a builder's risk insurance claim might play out:

  • Contact the Insurance Company: The first step is to contact the builder's risk insurance company as soon as the damage occurs or is discovered. This should be done promptly to initiate the claims process.
  • Investigation: The insurance company will assign an adjuster to investigate the incident. The adjuster will assess the extent of the damage, review the construction plans and project documentation, and determine the cause of the fire. This step helps the insurance company understand the nature and scope of the claim.
  • Claim Documentation: The insured (the construction company or property owner) will need to provide documentation related to the construction project, including the construction contract, building plans, and records of materials and equipment on-site. This documentation is essential for the insurance company to assess the claim accurately.
  • Assessment and Evaluation: The insurance company will evaluate the claim and determine the coverage provided by the builder's risk policy. In this case, fire damage is typically covered under builder's risk insurance, unless there are specific exclusions mentioned in the policy.
  • Claim Settlement: Once the assessment is complete, and it's determined that the damage is covered by the policy, the insurance company will provide compensation to the insured to cover the cost of repairing or replacing the damaged property. The payout will be based on the terms and limits of the policy.
  • Repairs and Reconstruction: With the insurance payout, the construction company can proceed with the necessary repairs and reconstruction of the damaged portions of the building. The insurance proceeds are used to cover the costs of materials, labor, and other expenses related to restoring the construction project to its original state.
  • Continuation of Construction: Once repairs are underway, the construction project can continue as planned, ensuring that any delays caused by the incident are minimized.

It's important to note that the specific details of the claim process can vary depending on the insurance policy's terms and conditions. Builder's risk insurance is tailored to each construction project, so it's essential for builders and property owners to thoroughly review and understand their policy to ensure they have adequate coverage for potential risks during construction.