Kansas City Construction Projects Involve Unique Risks
Construction projects include unique risks not specifically
handled by other insurance policies because buildings under construction are more subject to
damage from the elements such as snow, rain, wind and hail
than completed structures.
Another big issue is that construction property projects
values do not remain stable throughout the duration of the
policy.
Instead, the insurable value of a construction project starts out small in the
beginning of the job and continually increases until
project is complete. Also, the property may be owned by
the general contractor, the subs or property owner. The property
can be in transit at the construction site or even off-site.
To cover these unusual exposures, a Builder's risk insurance policy is required.
These are specialized policies taylored to cover the property loss exposures that
are associated with construction projects in Kansas City.
Who Is Responsible For Purchasing Builders Risk Insurance?
The "Insurance requirement" sides of the contract will describe whether
the the general contractor or project owner is responsible for assuring there is a Builders Risk policy.
Builders Risk is a non-standard form of coverage and many companies file their own forms.
However, each builders
Risk policy will cover supplies, the building that is being constructed, machinery, equipment that will be used in the construction, all fixtures and materials.
Builders Risk Policy Coverages Can Be Vastly Different?
This is how vastly different builders in Kansas City risk can be, by way of example.
One of our builders risk insurance markets does not provide any general liability as part of their policy - it is
simply not available. You pay the same price if the project takes 2 days or 1 year.
Call us at (888) 553-0021 or
contact us for answers to your Kansas City Builders Risk insurance questions.
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