Maryland Builders Risk Insurance
If you have a financial interest in a commercial or residential property under construction, you need special protection to ensure that the property and all materials are covered. Balderson Insurance works with several of the top insurers in the state to provide Maryland builders risk insurance for construction companies and property owners. Call us today at (301) 874-0772 for further information and a free quote.
What is Builder’s Risk Insurance?
Builder’s risk is a temporary policy taken out to insure property, tools, and equipment during a construction project. A builder’s risk policy can be taken out by either the property owner or the general contractor. In most cases, the contractor will want the policy to protect their interest in materials at the job site. The property owner will also want to make sure there is protection in place to cover any risk to the structure and land.
Builder’s risk insurance can be taken out to cover either a residential or commercial construction project. For commercial projects, it is possible that the insurer will require the builder to have a certain level of experience in commercial construction before they underwrite the policy. Builder’s risk can also be used to cover home remodeling/renovation projects such as finishing a basement, putting on a deck, or building a new room.
What is covered in a Builder’s Risk Policy?
Builder’s risk insurance covers a wide range of perils and losses to the land, structure, and property involved in a commercial or residential construction project. However, some of the coverage varies depending on the insurance company. These include:
- Fallen Trees
Builder’s risk is not liability insurance; it only covers property. In addition, the policy is only in force while the project is ongoing and terminates at its completion.
If you need a builder’s risk insurance policy for your Maryland construction project, contact us today and let us find the best product to fit your needs.