Builders Risk Insurance
Tennessee Builders Risk Insurance
If you are home builder in Tennessee, you have a lot of business matters to deal with during the course of a day. Staying on schedule can make the difference between success and failure in the construction business and there is no way to predict what kind of weather or working conditions your crews may face. The last thing you want to think about is your insurance coverage, but having Builders Risk Insurance for your project is paramount to your success. If you know you need to get a Builders Risk Policy and want to start the process, just click here and you can send us the information we will need to get it started for you.
Builders Risk, or Course of Construction, Insurance is specifically designed to cover a building where the building is being constructed.
It can cover just the structure, or also the materials on site waiting to be installed or transported to the job site. You can also get coverage for materials stored at a temporary storage location. We see this often where someone will rent a unit at a mini storage facility and keep some of the materials there until they are ready to be installed. The construction budget is the best source for determining the appropriate limit of insurance.
These policies can often be written in terms of three-months, six-months, or 12-months. With most carriers, there is no refund if you finish the project early in the initial term, but there usually will be a pro-rated refund If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.
Standard coverage for a builders risk policy will often include these hazards:
- Hail and wind damage
- Vehicle or aircraft damage
- Burglary or theft for many carriers that do not specialize in Builders Risk policies will only offer this as an endorsement and an additional fee.
- Building Collapse coverage is another one that you will need to ask about because this is not standard with some carriers. An example would be a where you backfilled around a basement wall and caused it to collapse or you drove a skid steer into a garage and when it got in there it pushed out the basement walls as it compacted the dirt by the weight of the equipment.
A quick note about Installation Floaters:
An Installation Floater is similar to a Builders Risk policy in that it does cover materials to be installed. It is different because it is normally purchased by a subcontractor and only covers their material and not the entire project. Installation Floaters can give coverage for property in transit as well as property at temporary storage locations.
Options for Builders Risk Insurance
You have three basic options for Builders Risk Insurance in Tennessee:
- Per project – you take out a policy before each project
- Monthly – month to month coverage for companies with many projects
- Annually – can be used for companies with large projects expected to last many months
You also may want these coverage options:
- Debris removal and demolition charges
- Sewer backups
- Equipment breakdown
- Earthquake damage
- Fire department fees
Your builder’s risk policy may not cover these options, but they can be included in some policies:
- Liability issues
- Inland marine insurance
- Errors and Omissions
Your Local Insurance Experts
Course of Construction Insurance can be expensive, so it’s important to look at all of the available options. However, as a business owner, you may not have the time to fully investigate and evaluate all of the options. Thankfully, you don’t have to worry about these things when you come to Veritas Risk Management. We are here to help!
Veritas Insurance is an independent agency based in Johnson City, TN with years of experience in writing Tennessee builders risk policies. We take the time to understand the type of policy you need and are here to make sure you get maximum coverage with the least amount of cost. Our agents can help you with builders risk policies that include liability protection, tool coverage, and other options. We also offer other benefits to business owners like monthly reports on work comp and we can be there for your general liability and work comp audits. You can also enjoy the benefits of a no charge pre-audit consultation.
Call the insurance experts at Veritas today at (423) 292-4142 to talk to one of our awesome team members about your unique risks and the unique coverage we offer to protect your business. Don’t have time to pick up the phone? Click on “Get a Quote,” fill out the short form, and one of our team members will contact you within one business day to complete your free, no-obligation quote!