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Builders risk Insurance
Builders risk insurance, also known as course of construction (COC) insurance, or sometimes construction all risk insurance, is insurance coverage for buildings and other structures while they are under construction. More specifically, the insurance policies will usually have options to cover the following types of property:
- Building materials
- Foundations
- Temporary structures such as scaffolding
- Paving, fencing, outdoor fixtures
- Lawns, trees and plants installed by the builder
Insurance providers generally cover the most common types of construction projects, including:
- Residential new construction
- Residential remodeling or smaller projects (e.g. replacing windows or doors)
- Model homes and model home contents
- Commercial property construction
However, if your construction project or type of structure is unique, there may still be specialty providers that can offer insurance policies for your unique project. Builders risk policies only protect against certain types of damages. Generally, the most basic builders risk insurance policies will cover damages caused by:
- Fire
- Weather
- Vandalism
Typically, insurers will offer “premium coverage” options, which cost more, but can extend the coverage limits, insurable events, and/or insurable property for the policy. Damages from earthquakes or flooding will generally not be covered, unless coverage for those types of events is added to the policy. Insurance providers may also specify some exclusions in the policy that protect them from covering damages that occur under specific conditions or from policyholder negligence.