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  • Protect yourself and loved ones through the homeowners program.
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  • Builder’s Risk Insurance, also known in some areas as Course of Construction, is a unique kind of property insurance. It's a form of insurance, which covers a building where the building or insured area is presently being constructed. It can cover just the structure, or also the materials on site waiting to be installed or transported to the job site and is a type of insurance that most owners will ask every contractor to carry.
The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). The construction budget is the best source for determining the appropriate limit of insurance. Builder’s Risk insurance policies can often be written in terms of three months, six months, or 12 months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.

Damage from the following events will be covered by most policies:

Fire
Wind (may be limited in coastal areas)
Theft
Lightning
Hail
Explosion
Vandalism
Vehicles/Aircraft

You should read your builder's risk insurance policy to be familiar with its limitations and exclusions.

Limited coverage is provided for collapse among other situations. Standard exclusions include:

Earthquake
Employee theft
Water damage
Weather damage to property in the open
War
Government action
Contract penalty
Voluntary parting
Mechanical breakdown

An important exclusion which should be read in its entirety excludes coverage for damage resulting from faulty: design, planning, workmanship, and materials. These type of issues might be addressed by Professional liability rather than a Builder's risk. Contact me for a policy review or proposal. 
#planwithmike #insurance #financial #insurancebroker #losangeles #consultant #pasadena #dtla #sangabriel #Glendale #miamicondos #santamonica #nyccondos #southbay #losangelescondos #realestate #developers #entrepreneur #broker #luxrycondos #torontocondos #montrealcondos #buildersrisk #property #businessinsurance #listings #dtla_everyday
  • Builder’s Risk Insurance, also known in some areas as Course of Construction, is a unique kind of property insurance. It's a form of insurance, which covers a building where the building or insured area is presently being constructed. It can cover just the structure, or also the materials on site waiting to be installed or transported to the job site and is a type of insurance that most owners will ask every contractor to carry.
    The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). The construction budget is the best source for determining the appropriate limit of insurance. Builder’s Risk insurance policies can often be written in terms of three months, six months, or 12 months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.

    Damage from the following events will be covered by most policies:

    Fire
    Wind (may be limited in coastal areas)
    Theft
    Lightning
    Hail
    Explosion
    Vandalism
    Vehicles/Aircraft

    You should read your builder's risk insurance policy to be familiar with its limitations and exclusions.

    Limited coverage is provided for collapse among other situations. Standard exclusions include:

    Earthquake
    Employee theft
    Water damage
    Weather damage to property in the open
    War
    Government action
    Contract penalty
    Voluntary parting
    Mechanical breakdown

    An important exclusion which should be read in its entirety excludes coverage for damage resulting from faulty: design, planning, workmanship, and materials. These type of issues might be addressed by Professional liability rather than a Builder's risk. Contact me for a policy review or proposal.
    #planwithmike #insurance #financial #insurancebroker #losangeles #consultant #pasadena #dtla #sangabriel #Glendale #miamicondos #santamonica #nyccondos #southbay #losangelescondos #realestate #developers #entrepreneur #broker #luxrycondos #torontocondos #montrealcondos #buildersrisk #property #businessinsurance #listings #dtla_everyday
  • 36 0 14 February, 2019