Tampa FL Construction Projects Involve Unique Risks
Construction projects involve unique risks not properly
handled by other insurance policies because buildings under construction are more subject to
damage from the elements such as snow, rain, wind and hail
than completed structures.
Another big issue is that construction project property
values do not remain consistent throughout the duration of the
policy period.
Instead, the insured value of a construction project starts out small in the
beginning of the job and continually increases until
project is complete. Also, the property may be owned by
the general contractor, the subs or property owner. The property
can be in transit at the construction site or even off-site.
To cover these unique exposures, a Builder's risk insurance policy is needed.
These are specialized policies taylored to cover the property loss exposures that
go along with construction projects in Tampa.
Who Is Responsible For Purchasing Builders Risk Insurance?
The "Insurance requirement" sections of the contract will describe whether
the the general contractor or project owner is responsible for assuring there is a Builders Risk policy.
Builders Risk is a non-standard form of coverage and many companies file their own forms.
But generally, each builders
Risk policy will cover supplies, the building that is being constructed, machinery, equipment that will be used in the construction, all fixtures and materials.
Builders Risk Policy Coverages Can Be Vastly Different?
This is how vastly different builders in Tampa FL risk can be, by way of example.
One of our builders risk insurance markets does not contribute any general liability as part of their policy - it is
simply not available. You pay the same price if the project takes 2 days or 1 year.
Call us at (813) 344-5030 or
contact us for answers to your Tampa Builders Risk insurance questions.
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