3108 Adora Teal Way, Unit 200,
Idaho has become one of the country’s fastest growing states in the country. With growth comes more construction and without the proper insurance coverage you could be at risk of financial loss.
Most people are unaware of the vast number of natural disasters that occur in the Gem State that could jeopardize your construction project.
This is just a small list of things that could jeopardize your construction project. What about theft of building materials, man-made fire and vandalism? This is why you need Builders Risk Insurance to protect your building under construction against a covered loss.
Builders Risk Insurance acts much like a property insurance policy, but it provides coverage while the structure is under the course of construction. It protects a person or company’s insurable interest in the construction project.
It is important to point out that this is a structure only policy. There is no coverage for liability to others or workplace accidents. Workplace injuries would have to be purchased by the builder or the sub-contractors in the form of Workers Compensation Insurance.
✅ Property Damage
✅ Theft of Building Materials
✅ Windstorm and Hail
✅ Fire and Lighting
✅ Collapse of Structure
✅ Material in transit or at a temporary location
✅ Sewer backup
✅ Debris removal
✅ Ordinance or law
✅ Fire department service charge
✅ Pollution clean up
✅ Scaffolding re-erection
✅ Valuable papers
The policy can be purchased by the Builder or the Property Owner. We always suggest that the policy be written for the owner of the building. Why? Let’s say that the owner and the builder have a dispute, which causes a parting of ways. If the policy is written in the name of the builder then the policy follows the builder since they are the policy owner. The owner could have a tough time finding a new policy if the project is further along in construction.
If there is a bank loan then the policy must be written before the first draw. This is not our requirement, but a requirement by the lender.
In general you want to purchase a policy prior to construction or just after the slab is poured. Many of the companies that write Builders Risk Insurance will not insure a project that is 30% or more completed.
Barbee Jackson Insurance is recognized as one the leading independent insurance agencies that write Builders Risk Insurance in Idaho and other states across the United States. We have a team of experts that specialize in writing insurance policies for developers and owners. Each policy will be custom designed to meet your specific need.
As always…you get the best coverage you need at the best price. Call today to speak with one of our agents today to get a free insurance quote (850) 389-2001.
I worked with Dana, she was great! Very professional, she responds promptly, and got my coverage in place extremely fast. So grateful for the excellent service and professionalism..
The best customer service. I recommend them to any business owner.
Very Nice and Courteous People Working There and They are Quick To Get To You