Construction in the state has more than doubled in the past seven years, according to the Associated General Contractors of Colorado. Anytime a construction project in Denver involves building or remodeling, there is a whole team of people, parts, and risks involved, and builder’s risk insurance is designed to provide protection in these situations. If anything goes wrong during a project, everyone involved may try to sue each other to protect themselves. But for stakeholders that have builder’s risk insurance, the messy litigation process could go much more smoothly.
What Does Builder’s Risk Insurance Cover in Denver?
The Schomburg Insurance Agency of Denver has agents that can write builder’s risk insurance policies specific to your construction project to cover any gaps in your existing coverage. Most builder’s risk insurance policies will cover the building itself and any materials or equipment used in case of loss or damage. The coverage offered by a typical builder’s risk insurance policy often closely mimics that of a homeowner’s insurance policy, protecting the insured from charges incurred due to fire, hail, hurricanes, theft, vandalism, and more. Builder’s risk insurance can also have coverage added to address potential hazards such as earthquakes and floods or to the loss of revenue should a Denver client’s project be delayed.
Denver Stakeholders Who Need Builder’s Risk Insurance
Contracting companies need builder’s risk insurance to cover them throughout the course of a construction job because Denver property owners are trusting them to complete the project as contracted, and if anything goes wrong, they will likely be found liable. For anything not covered by homeowner’s insurance that Denver contractors are sued for, a builder’s risk insurance policy will cover costs, making sure they don’t go bankrupt. Builder’s risk insurance can also be taken out by home and business owners in Denver who have a structure being built or remodeled (or anyone else with a financial stake in the matter) to ensure their coverage is as comprehensive as they’d like. The last thing you want is to invest in a kitchen upgrade and be left with a burned-down Denver residence and a bunch of bills as a result. Having builder’s risk insurance coverage in place while construction is happening in Denver will ensure stakeholders are protected.
Builder’s Risk Insurance Will Protect These People in Denver:
- Home & property owners
- House flippers
- Development & investment companies
- Retail companies
- School districts