Manhattan NY Construction Projects Involve Unique Risks
Construction projects involve unique risks not adequately
handled by other insurance policies because buildings under construction are more subject to
damage from the elements such as wind, snow, hail and rain
than completed structures.
Another big issue is that construction project property
values do not remain consistent throughout the duration of the
policy.
Instead, the insurable value of a construction project starts out small in the
early stages of the job and continually increases until
the project is done. Also, the property may be owned by
the subs, the general contractor 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 made to cover the property loss exposures that
go along with construction projects in Manhattan New York.
Who Is Responsible For Purchasing Builders Risk Insurance?
The "Insurance requirement" portions of the contract will explain whether
the project owner or the general contractor is responsible for assuring there is a Builders Risk policy.
Many companies file their own forms and builders Risk is a non-standard form of coverage.
In general, each builders
Risk policy will cover the building that is being constructed, machinery, materials, supplies, equipment that will be used in the construction and all fixtures.
Builders Risk Policy Coverages Can Be Vastly Different?
By way of example, this is how significantly different builders in Manhattan risk can be.
One of our builders risk insurance markets does not provide any general liability as part of their policy - it is
simply not available. If the project takes 2 days or 1 year - you pay the same price.
Call us at (888) 553-0021 or
contact us for answers to your Manhattan NY Builders Risk insurance questions.
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