Builders Risk - Austin, Texas
Builders Risk Quote Forms
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Builders Risk Information
Buildings, materials and supplies risk being damaged during a construction project. If this happens, it can create a significant financial burden on your company and operations. A builder’s risk insurance policy is designed to help mitigate this risk and reduce your out-of-pocket expenses.
The experienced team at Ed Weeren Insurance Agency Inc. in Austin, Texas, can help you obtain the optimal insurance that meets your needs. Contact us today for assistance.
What Does Builder’s Risk Insurance Cover?
Builder’s risk insurance provides financial safeguards against commercial property losses during construction projects. It is essential protection for damages due to covered causes such as fire, lightning, hail, explosions, theft and vandalism. A basic builder’s risk insurance policy typically covers the following:
- Residential and commercial buildings under construction
- Building materials and supplies at a construction site, in transit or stored off-site
Policies may also cover debris removal and losses to temporary structures and business documents. An endorsement can often also be purchased to cover additional “soft costs” (e.g., taxes, architect’s fees, penalties or lost rental income) that arise after a project is delayed.
A general contractor or project owner typically obtains the policy as the primary insured. However, additional insureds may include the following:
Contact our agents for more information on specific coverages, limits and exclusions. We can also provide details on when coverage begins and when it ends.
Is Builder’s Risk the Same as General Liability?
Builder’s risk insurance and general liability insurance are two different policies that provide different coverages. General liability insurance typically provides coverage if your business is responsible for third-party property damages or bodily injuries. Builder’s risk, on the other hand, provides first-party coverage or coverage for the policyholder’s losses.
Is Builder’s Risk Insurance Required in Texas?
Texas law mandates that a project owner or contractor carry insurance that covers property damage during a construction project. The responsibility for that insurance is often placed on the contractor through a contract.
How Much Does Builder’s Risk Insurance Cost?
The cost of a builder’s risk insurance policy depends on multiple variables, include the construction project’s timeline, type and location. Your selected coverage and policy limits may also impact premiums.
Contact Us Today
The professionals at Ed Weeren Insurance Agency can help you get the builder’s risk insurance coverage that is right for you. Contact us today for details or a builder’s risk insurance quote.
Other Commercial Coverages
Learn more about the other types of business and commercial insurance we offer.