Georgia Builders Risk Insurance

Now that we understand that a Builders Risk Policy is designed to cover the structure in the course of construction it is important to realize other expenses you might occur if you have a claim…Soft Cost. Soft Costs refer to expenses that are not associated with labor or material. These costs maybe items like:

A Georgia General Contractor is building a new apartment complex and purchases a builders risk insurance policy. Just a few days before the project was to be completed a tornado causes significant damage to the complex that must be fixed and this causes a delay in the opening. If the agent made the proper endorsements to the policy to include soft costs, item like Advertising Fees Announcing the New Opening Date, Re-inspection Fees, Promotional Items, and Additional Interest on Loan would be covered. The small cost of adding this coverage saved the client thousands of out-of-pocket dollars.

Premises Liability Insurance

It is important to point out that only the structure and some soft costs are covered on a Builders Risk Insurance Policy. In the event of a slip and fall on the construction site you would need an addition policy referred to as a Premise Liability. Premises Liability workers like General Liability Insurance by covering injuries, due to owner negligence, that happen on the job site. It is important to note that this coverage is not intended for the construction workers, that coverage would be Workers Compensation and is purchased by the owner of the business.

What Barbee Jackson Insurance

It is important to work with an insurance agency that doesn’t write just one or two Builders Risk Policies per year. At Barbee Jackson Insurance we work with hundreds of builders and property owners to custom design policies to meet their needs. We have partnered with the best insurance carriers to design a program built around the needs of Georgia builder and property owner, call us today to get started (850) 389-2001