There are countless unforeseeable circumstances that often arise throughout the course of construction or renovation which can cause both the contractor and property owner financial strain. For example a building or property could catch fire, become damaged by high winds and harsh weather, or even fall victim to vandalism, theft and other unforeseen circumstances. When these situations arise, it can be difficult for all parties involved and can lead to financial losses, damages, delays and other costly complications. Builder’s Risk coverage was created specifically to help manage these risks for Placer County contractors.
Placer County builder’s risk insurance is a unique type of property insurance coverage designed to help protect project owners and contractors from bearing the financial burden of property damage that occurs to any structure while it is under construction. These polices are step up specifically to cover the distinct period of time when a property is under construction and before it is ready to be used or occupied. Builder’s risk coverage also differs from construction surety bonds because these policies are designed to protect the contractor from losses as opposed to just the property owner.
This coverage also protects the insured’s tools, materials and equipment being used in the construction process should those items sustain physical damages or other losses from a covered cause. Placer County builder’s risk coverage is often necessary to show proof of insurance and compliance with local city, county and state building codes and is often required as a condition to many contracts. These policies can even be written to insure against delays that result in penalties from lenders or extra taxes as well as other losses, but they are not designed to cover accidents and injuries at the workplace.
At Cal-Nevada Insurance Agency, we specialize in providing Lake Tahoe area contractors with quality business insurance and risk management solutions. Our Placer County builder’s risk insurance can be adapted to the specific needs of your operation. We offer policies for general contractors and artisan craftsmen alike to protect your assets from property losses and liability exposures. To l earn more about our operation and all our business solutions, contact us today at (866) 670-5948.