Builders Risk Insurance in Stockton, CA

Construction projects are rife with perils and hazards. Heavy machinery, sharp tools, chemicals and other hazardous materials, and motor vehicles may all be common fixtures at job sites, all of which could cause serious accidents. Project stakeholders must also account for significant financial risk, as construction jobs often represent significant investments and are subject to strict timelines. Given these many risks and exposures, understanding builders risk insurance is critical.

What Is Builders Risk Insurance?

Also known as course of construction insurance, these policies can provide specialized coverage for projects in progress. Builders risk insurance may be available for both new buildings being constructed from the ground up, as well as existing structures under renovation. Policies can list multiple parties, including developers, property owners, contractors, subcontractors, architects and engineers.

What Can a Policy Cover?

Like many types of coverage, builders risk insurance policies may vary in their capabilities and limitations. In many cases, policyholders can submit a claim following damages caused by fires, burglary, theft, vandalism, explosions and certain types of severe weather. In response to such incidents, payouts could assist with losses and damages involving the following:

• Buildings under construction, such as the primary structure being built or renovated
• Temporary structures, such as fences, retaining walls and scaffolding
• Equipment, machinery and gear stored on the jobsite
• Supplies, such as building materials
• Key documents, such as contracts and blueprints

In addition to assisting with these losses, policies may also issue payouts to assist with costs from delays or missed deadlines caused by covered incidents.

How Much Does Coverage Cost?

Insurance carriers must consider many aspects of a project when quoting rates for builders risk insurance. Typically, this process may include analysis of the following:

• Location
• Type of project
• Number of workers on-site
• Total estimated cost
• Construction materials and methods
• Coverage details (e.g., endorsements and limits)

We’re Here to Help

Contact Yeyes Auto Insurance & Tax Agency today to learn more about builders risk coverage and identify an ideal policy.