Northern Jersey NJ Construction Projects Involve Unique Risks
Construction projects include unique risks not specifically
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 big issue is that construction project property
values do not remain the same value throughout the duration of the
policy.
Instead, the insured value of a construction project starts out small in the
beginning of the job and continually increases until
the project is done. 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 unusual exposures, a Builder's risk insurance policy is neccessary.
These are specialized policies made to cover the property loss exposures that
go along with construction projects in Northern Jersey NJ.
Who's Responsibility is it to purchase Builders Risk Insurance
The "Insurance requirement" portions of the contract will specify 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.
In general, 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?
This is how vastly different builders in Northern Jersey NJ risk can be, by way of example.
One of our builders risk insurance markets does not contribute any general liability as part of their policy - it is
simply not available. If the project takes 2 days or 1 year - you pay the same price.
Call us at (908) 730-6443 or
contact us for answers to your Northern Jersey Builders Risk insurance questions.
|