It is true that builder's risk coverage is typically procured by the owner, with protection extended to the contractor and subcontractors.
<h3><u>What is Builder's risk coverage ?</u></h3>
Builder's risk insurance, commonly referred to as course of construction insurance, is a specific kind of real estate insurance that aids in protecting structures that are still being built. It is crucial for assisting in the protection of building projects, but it can be difficult to understand. But having a builder's risk insurance coverage that is correctly set up might be quite important. In reality, it will form the basis of an effective risk management strategy.
Builder's risk insurance shields building projects against property damage brought on by:
- Fire
- Lightning
- Hail
- Explosions
- Theft
- Vandalism
- Natural disasters caused by God
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