What do a nearly completed state-of-the-art resort, your neighbor’s extensive residential renovation, and your city’s new mall construction have in common? Before a single nail is hammered, all these projects were likely protected by builders risk insurance. That means those who are fiscally responsible for these projects are likely not losing sleep over perceived risks.
That peace of mind is more than a luxury – it’s a necessity. Many elements can impact the successful completion of a structure. Consider natural disasters like a fire that can incinerate a structural shell. Whether it’s 99% complete or barely visible, fire knows no boundaries. A hailstorm can damage building materials beyond repair. Earthquakes may unmoor an entire foundation. Builders risk insurance protects subcontractors, lenders or project owners’ investment from the drastic financial implications of such losses.