Commercial Insurance Solutions
Builder’s risk insurance usually indemnifies your business against losses due to fire, vandalism, lightning, wind, and similar forces. It usually does not cover earthquake, flood, acts of war, or intentional acts of the owner. Coverage is typically during the construction period only. It is usually bought by the owner of the building, however the general contractor constructing the building may buy it if it is required as a condition of the contract. Miami Construction Risk Insurance
Why You Need Builder’s Risk Insurance?
Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other force majeure. One common theory is that any new construction becomes property of the owner once it is located on the owner’s site. The general contractor may be responsible for any losses caused by his own negligence, but the owner is responsible for most other losses. Builder’s risk insurance indemnifies against some of these losses.
AIB will work on your behalf to source the best policy for this specialized type of coverage.