San Francisco California 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 key issue is that construction project property
values do not remain stable throughout the duration of the
policy.
Instead, the insurable value of a construction project starts out small in the
early stages of the job and continually increases until
project is complete. 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 made to cover the property loss exposures that
come with construction projects in San Francisco California.
Who's Responsibility is it to purchase Builders Risk Insurance
The "Insurance requirement" sides of the contract will explain whether
the the general contractor or project owner is responsible for buying a Builders Risk policy.
Builders Risk is a non-standard form of coverage and many companies file their own forms.
But generally, 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?
By way of example, this is how substantially vastly different builders in San Francisco CA risk can be.
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 San Francisco Builders Risk insurance questions.
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