The risk of property damage on a construction site is a huge concern for project owners, building owners, developers, contractors and subcontractors. Damages from events such as fires, explosions, theft, vandalism, and adverse weather, can result in significant, unexpected costs which can negatively impact the progress of the project.
To protect themselves from course of construction risks, general contractors (GC) can purchase builder’s risk insurance. These specialized policies are designed to insure buildings or projects against repair or replacement costs while they’re under construction and, in some cases, for a specified period after their completion.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.