As a commercial contractor or home builder, builders risk insurance is a must have thing. This is because the whole process of constructing a building has lots of risks. Take an example; let’s say if a building collapses during the process of construction, this would not only affect your professional reputation but also has the potential to drag you to the court, as it is the easiest way for the construction work owner to recover the losses.
If your guilt is proven in the court, the situation becomes worse as you must deal all the stuff claimed by the construction work owner. To be protected in such a situation, the best thing is to have an insurance policy from a good insurance firm that provides a complete coverage on all the concerned issues. With a builders risk course of construction insurance policy, you would be fearless and much less worried about the claims in case of a lawsuit.
It is the priority of most of the construction owners to find out a way when this type of situations happens, so that is why they try to get the builders risk insurance. However, this is not enough, as there is a chance that the construction owner might miss out a portion of the insurance policy that is of vital importance capable of bringing back a huge trouble. For instance, if a construction owner is getting an insurance policy for his building located in an area of high risk of floods, and the insurance policy is not providing coverage in case of flooding but covers everything else!
It is therefore, the most advisable thing to call your contractor insurance agent for a quote and have a meeting to make sure that you are aware of everything in the policy.