At Modab Insurance Services, we work closely with trusted carriers to help builders and contractors find the right coverage for their project-specific needs nationwide.
Builder’s risk insurance is a special type of property insurance that covers buildings under construction. This policy protects the insured against damage or loss of materials, supplies, equipment in transit or on-site during renovation or construction.
Key Features of Builder’s Risk Policy at Modab Insurance Services
Our team of experts can help you craft a project-specific builder’s risk insurance policy to suit your unique needs. We offer:
- Special or All-Risk policies- that provide coverage against all perils, except those explicitly excluded
- Specified Peril policies- that covers you only against events named in the policy
- Policy term equal to project life- for project-specific policies
- Flexible premiums- based on the type of construction project
As there is no single standardized Builder’s Risk coverage, we also offer certain extensions to increase the limits of your underlying policy. These include:
- Debris Removal- covers the cost of removing debris after damage caused by named perils
- Water Damages- covers damages caused by water intruding on a structure under construction, provided it doesn’t originate from other covered perils, such as floods or storms
- Delay in Completion- covers loss of income, as well as, additional expenses incurred as a result of a delay in completion of the project
- Faulty Workmanship- covers damages resulting from faulty workmanship in the event of a covered peril
- Testing- covers testing of newly installed machinery and equipment, including overhauling engines
We Can Help You Protect Your Buildings Under Construction
At Modab Insurance Services, we believe that the security of your building is a priority and not an option. Along with extensive experience, we partner with several reputable carriers to provide you with true end-to-end risk management solutions for your construction projects.
Our carefully designed, customized Builder’s Risk insurance allows:
- Wider Coverage- We insure all the parties involved in a construction project, including the property owners, general contractors, subcontractors, lienholders, and architects.
- All-Around Protection- Our policies are designed to cover various incidents that are not work-related, such as hail, theft, vandalism, lightning, or fire.
- Optional Extensions- In addition to our basic Builder’s Risk insurance, you can also opt for extensions, such as debris removal, faulty workmanship, etc., to extend your coverage.
Are you looking for a customized Builder’s Risk insurance policy for your construction projects? Then, contact our experts at Modab Insurance Services today! We can help you protect your building under construction all over the United States.