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Builders Risk Insurance in Hammonton, NJ

Constructing and renovating buildings can be lucrative and rewarding work. However, commercial enterprises involved in the construction process must also account for extensive risks and exposures that could lead to significant financial consequences. Buildings currently under construction may be particularly vulnerable to various perils and incidents. As such, these properties must be financially protected by adequate loss control measures, including builders risk insurance.

What Is a Builders Risk Insurance Policy?

Builders risk insurance is a critical type of coverage for parties involved in constructing or renovating structures. These policies represent a contractual agreement between a policyholder and their insurance company. They can provide financial protection for property owners, contractors and others involved in a construction project, including structures being built from the ground up and those being renovated.

What Does Builders Risk Insurance Cover?

Although the exact details, capabilities and limitations of builders risk insurance may vary, policies can typically help render financial aid in response to many common incidents, including fires, severe weather, explosions and crime (e.g., theft, burglary and vandalism). Coverage typically can help pay for losses and damages involving the following:

  • Buildings under construction
  • Temporary structures (e.g., scaffolding)
  • Tools
  • Equipment
  • Supplies
  • Key documents (e.g., blueprints and specifications)

Who Normally Carries Builders Risk Insurance?

Acquiring and maintaining builders risk insurance is usually the responsibility of a project’s general contractor, although the property owner may sometimes be tasked with doing so. Regardless of who purchases coverage, they should ensure that the policy lists all stakeholders, including lenders, subcontractors, architects and engineers.

Why Should I Get Builders Risk Insurance?

Like many types of insurance, builders risk coverage provides critical financial security for parties involved in constructing or renovating structures. These policies can insulate stakeholders from the financial ramifications of many common incidents and limit resulting out-of-pocket losses and expenses. Conversely, those lacking coverage could jeopardize the viability and security of the project, as well as their own financial wellness and prospects. Even the most experienced and diligent professionals and firms may be unable to suppress all risks and avoid all accidents, making appropriate builders risk insurance an essential precaution.

Get the Right Coverage

With a history of service dating back to 1910, the M.L. Ruberton Agency is well-equipped to explain and procure optimal builders risk insurance policies. Contact us today to get started.

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