Builder's risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction.[1] Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.
Who Buys/Needs Builders Risk Coverage?
It is usually bought by the owner of the building but the general contractor constructing the building may buy it if it is required as a condition of the contract. It may be necessary to show proof of insurance to comply with local city, county and state building codes.
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