Builder's Risk Insurance
Protecting your Works in Progress
Builder’s risk insurance, also known as course of construction (COC), is property insurance that covers buildings that are under construction as well as materials and equipment that are used in a project. It’s important for property owners and builders who are involved in any project but is especially important if one is working with materials that are prone to damage or in an area that is prone to severe weather. In Healdsburg and Santa Rosa, CA a variety of natural and man-made risks accompany any project, so having a builder’s risk insurance policy is beneficial.
Our builder’s risk plan is flexible and our trained underwriters are available to assist the coverage for even the most complex structures. We offer broad, adaptive coverage options specifically designed to meet the unique needs of almost any residential or commercial construction project. As an independent agency we can give you access to multiple companies and policies and direct you to the companies that are strong in the areas you want to insure.
To find out how we can help you create a policy customized to the project that you’re working, contact us or give us a call.
Coverages, Loss Avoidance, and Details
Builder’s risk insurance is much like homeowners insurance for a property that has no one living in it. It covers property, contents, building material, and liability. A policy is appropriate for a property owner or a builder and can be structured to cover a variety of risks and assets. In most cases, a COC policy covers:
- Property damage
- Labor costs and earned profits
- Perils of nature and man-made disasters
- Other damages: negligent workmanship and flawed materials or design
Some coverages are basic and others are added on. In most cases, negligent workmanship and flawed materials and design are add-ons. Most policies include some coverage for the materials that are in transit or stored on-site. COC is normally written for a specified amount (100% of construction costs in most cases) and reflects the total completed value of a structure. It only applies during the course of construction and is written in different installments, most of which are three, six, or twelve months. If a project is not completed by the end of a policy term, the policy can be extended.
Additional construction offerings to complement a builder’s risk plan that we offer include:
- Contractor’s equipment coverage
- Contractor's or owner’s professional liability coverage
- Environmental, including site-specific pollution
- Controlled insurance programs
Builder’s risk insurance does not cover property of others, tools or equipment, liability, or on-site job accidents. Subcontractors are required to have their own insurance and the premium for the annual policy is fully earned.
If you’re a builder or property owner and are beginning a new project, you need coverage that keeps your operation going and your investment protected. A trained agent from Gondola-Kinne can help you find the right coverages and create a policy that meets your construction and contracting needs.
The Independent Advantage
Substantial risk can accompany any construction project. If and when you take on a new one, having an agent that can minimize your ‘course of construction’ building risks is helpful. At Gondola-Kinne we can help you customize your options so that you stay on a construction timeline and meet your budget. If and when a claim is filed, we’ll process the claim quickly and keep you on track.
Our agents understand the technical and operational aspects of a diverse array of construction projects and offer services, planning, evaluations, and consultations that allow you to effectively and proactively manage risk. We offer customized insurance plans with broad coverage and scope that can meet your needs.
Gondola-Kinne is proud to provide builder’s risk insurance in Healdsburg, Santa Rosa, Windsor, Rohnert Park, Cloverdale, and Sonoma County, CA.