Inland Marine Builders' Risk Insurance
When constructing a building, it takes a lot of planning to get things just right. Contractors' and project owners need to attend to every detail to make sure their projects will hold up under unexpected challenges.
With Travelers, you can be confident that the unexpected is protected. No matter the size or scale of your construction project, we offer you builders' risk insurance coverage and services to keep it moving forward. Our expertise extends in a broad spectrum of projects, including stadiums, arenas, bridges, renewable energy, educational and medical/healthcare facilities, plus public sector projects such as street and road construction.
Construction Pak® – Builders' Risk Coverage
Our enhanced Builders' Risk product goes beyond the basics with a broad coverage form designed specifically for the diversity of construction projects that come your way. Our coverage offers flexibility to insure a specifically designated project or reporting options to meet the broad range of projects throughout the year. Here is a sampling of clauses addressed in Construction Pak Builders' Risk:
- Replacement cost valuation paired with a broad covered-property definition
- Extensive definition of covered property with temporary and permanent works such as cribbing fencing, signs, and scaffolding
- Broad additional named insured
- Soft costs that can be specifically defined with tailored limits or an automatic $100,000 limit with option to increase
- Equipment breakdown coverage along with jurisdictional inspections
- Automatic green building coverage
- Permission to occupy coverage
Who Is Builders' Risk Insurance Right For?
- Specialty trades
- General contractors
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What Is Builders' Risk vs. Course of Construction Insurance?
Builders' risk insurance protects the builder, owner or developer against covered loss to property during construction. This can include damage to the building under construction as well as the building materials and equipment awaiting installation on-site or for damage while in transit. Builders' risk insurance can also be called course of construction insurance.
Course of construction or builders risk insurance may also be extended to include the costs associated with a delay when covered buildings, equipment or materials are damaged. This type of insurance is typically purchased by the builder or general contractor. The project owner may also be the insured. Joint ventures and limited partnerships may be found.
What Does A Builders' Risk Insurance Policy Cover?
A builders' risk insurance policy generally covers projects under construction against the costs to repair or replace materials at the covered structure for damage due to fire, wind, theft, collapse, breakage, lightning, hail, explosion or vandalism. Depending upon the area where you are building, your builders' risk insurance policy may also include coverage for damage caused by flood or natural disaster.
- Builders' risk insurance coverage will typically protect:
- The structure being built or renovated
- Materials used to build the structure when they are on-site or in transit to the site
- Equipment awaiting installation or already installed in the building while in the course of construction
- Reasonable labor costs, overhead and profit for the project
- Other expenses associated with the project that would have to be paid in the event of a loss, such as building permit fees.
Related Products & Solutions
Insights & Expertise
When assessing your fire risk, consider these common sources of workplace fire hazards or ignition sources.
Water damage continues to be a leading cause of insurance claims for buildings under construction, as issues with pipe installation and weather continue to be common sources of water-related losses.
Inland Marine Network
Travelers Inland Marine Network is our patented loss mitigation process that provides a competitive advantage for our customers. Our dedicated specialists in risk mitigation, Claim and special investigations identify and minimize risk to help keep your operations running smoothly. Our risk mitigation specialists can work with you before and throughout even your most highly engineered projects.