What assets are protected by builders risk policies?
Builders risk policies might extend coverage to supplies, equipment, and any completed work that gets damaged. The coverage for supplies and equipment is usually extended only when these items are present at the project site, but specifics can vary from policy to policy.
Depending upon a policy’s specific provisions, contractors may be able to protect assets such as the following:
- Structures in progress
- Major and heavy-duty equipment
- Specialized equipment
- General-purpose tools
- Specialized tools
- Materials and supplies
The coverage for structures in progress could be limited to only certain structures being worked on, or it could include all structures at the project site. A knowledgeable agent experienced in builders risk policies can help contractors check which structures a given policy would protect.