Builder’s risk insurance seeks to insure a building which is currently on work in progress and being built. The policy coverage typically includes the building structure, equipment, building construction supplies and materials which are present on the site and otherwise too. Additional protection is present for any sudden losses arising from laws, ordinances, theft of materials at the site or associated losses. A standard Builder’s Risk Insurance covers the building damages which is mostly under construction and covers many events such as fire, air, lightning, wind, theft, explosion, vehicles, vandalism. Any possible building collapses are also covered. Since all the companies have different terms and conditions in their policy, it is recommended to review the policy carefully. The coverage under the policy includes the building, the structure being constructed, materials used on site or under transportation for use on the site. Materials waiting to be transported to the job site are covered if they are identified and assigned to the particular site under construction. This insurance is carried by building contractors whose payout is determined by the detailed policy documents which mention the coverage limits. A policy is generally tied to the construction schedule of the building being constructed and can be extended as per the schedule.
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