Course of Construction Insurance – Builders Risk Coverage for Minnesota’s Developers, Builders, and Contractors
If you are a company in Minnesota that builds homes, businesses, apartments, etc., you’re your company and its employees are under the risk for things like man-made catastrophes, thefts, damage from weather-related events and fire, and more. To make sure you are covered for these things and don’t have to pay out of your own profits, you need to purchase builders risk insurance Minnesota contractors and builders can trust.
What Is Builders Risk Insurance MN?
Builders risk insurance ( Course of Construction Insurance) is a type of insurance product that covers a property being built, along with the building company’s gear and the materials needed to create the property. Builders risk insurance Minnesota agent can explain it in more details, but this type of insurance is vital for building contractors and companies to have, especially if the project is being constructed in a region where there are common outbursts of things like hurricanes or tornadoes, etc.
If you are contemplating buying Course of Construction Insurance then you need to know where to find builders risk insurance near me in Minnesota for your location. To do this, contact an insurance company that specializes in builders risk insurance Minnesota contractors and builders can trust.
What Does Builders Risk Insurance MN Cover?
When you are arranging for builders risk insurance near me for your location, you should take note that it normally covers the following things:
- Property damage—This option covers all of the building materials, gear and equipment used for construction, fences, scaffolding, any temporary buildings, signs for the construction, and needed landscaping
- Theft: There is also an option to have your building materials protected from theft. However, your project must be surrounded by a gate or fence to qualify
- Labor costs, income, expenses, and profits: Covers these items in case of eligible loss.
- Natural dangers or man-made catastrophes: This kind of builders risk insurance Minnesota feature covers damage or loss in case of eligible things like severe weather (hurricane, tornado, hail, lightning), as well as man-made issues like broken water lines or a blackout
- Other loss or damage: This feature covers things like slipshod workmanship, defective materials, and design flaws
It’s a good idea for a Builders risk insurance MN agent specializing in area conditions to sit down with you and discuss your building project and they can advise your company of the best options for you to include in your policy.
What are Things Builder’s Risk Insurance Doesn’t Cover?
When arranging for builders risk insurance Minnesota be sure to be clear on the fact that it doesn’t cover damage or loss due to things like accidents, liability issues or if someone is injured or killed. Plus, you also likely need special kinds of coverage for things like floods or earthquakes. This must be purchased in a separate policy, but it is likely your Builders risk insurance MN agent can point you in the right direction if you anticipate needing those specialized types of coverage.
How Much is the Cost of Builders Risk Insurance?
When purchasing Builders risk insurance MN, you can get policy time frames lasting 3, 6 or 12 months and it can be extended to further cover the project until it is completed. These policies vary in cost, but the normal amount is about 1 to 3 percent of a construction project budget. It all depends on the company, the area, and the type of building you are constructing, so talk to your agent for details.
Why Should My Company Get Builders Risk Insurance?
Perhaps your company is considering taking a gamble that they have few risks and a short-term project and are thinking of skipping buying builders risk insurance Minnesota. This can be a bad decision for many reasons. For one thing, statistics show that losses for commercial building projects range from hundreds of thousands to even billions of dollars, which is doubtful a loss your company could afford to pay and still make a profit on your project.
Trust Your Builders Risk Insurance Agent for Details
Likely your company has a lot of questions regarding builders risk insurance near me for your location and all of the issues it covers. For example, you might wish to determine how fast you will be repaid if you have to put in a claim for damage or loss. This can be an important thing to know if you have a limited budget or a short deadline to finish your project.
The agent can also answer other questions such as ways to lower the cost of the builders risk insurance Minnesota, and the particulars of what features you need to include the type of building you are constructing and the area it is being built in. This is why it is a good idea to maintain a good relationship with your Builders risk insurance MN agent.
The bottom line is that any company dealing with construction in Minnesota needs to purchase builders risk insurance Minnesota to cover their project. Likely they also need specialized insurance to cover other things like personal or events like flood or earthquakes if appropriate.
So, if you are in this situation, get an answer fast to where are builders risk insurance near me for your location, and get the peace of mind that you need during the term of your project.