Florida Builders Risk
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Florida Builders Risk
Course of construction insurance otherwise known as builders risk insurance is designed with you in mind in order to provide you with the protection you need throughout the building and construction process. This helps protect your investment you’ve made, in case of a claim due to catastrophic events such as fires, storms, theft and even vandalism. Additional protection may also include protection in case of natural disasters such as earthquakes and flooding. This kind of insurance will provide you with protection in case of events such as high winds, explosions and even lightning damage. It is important to note that this protection is provided to a building that is currently under construction. As a contractor, you are responsible for not only the building, but, also the employees working on the project.
The policy will cover your building until it is ready for occupancy. During this period, any number of events can happen and it is important that you are prepared. Building and construction projects are usually expensive in terms of budget, and most of the time, this budget is set from the beginning. Therefore, you don’t want to dip into that budget if you experience a claim during construction. As a matter of fact, the cost of damage repairs may go beyond the budgeted amount and this will not only stall the project indefinitely, but also bring some massive compensation claims from the people affected.
Protection For Your Builders Risk Project
Lawsuits involving injuries as a result of construction projects can be quite expensive and can stretch on for a long time. As a contractor, you should be able to focus on your project without worrying about a claim. This is where builders risk insurance comes in handy.
For instance, suppose a windstorm comes when the building is halfway done and the entire building comes crashing down…this would be catastrophic. There will be employees claiming compensation for injuries, the owner of the project asking for his money, among other myriad things that you will be required to attend to. If you don’t have the proper insurance plan to cover you, you will be required to pay out on hefty lawsuits and compensation for the injured. Additionally, the project will have to come to a standstill.
In case of a fire, there is a fee that is associated with the fire department. This is usually part of the insurance policy, therefore, once you are insured you will be protected. In other cases, materials that were meant to be used in the construction project may get stolen or lost. This is not something that we can control apart from setting strong security measures in place, but, even these are sometimes thwarted. In case of theft, you do not have to worry about the progress of the project since the insurance coverage will be able to replace the stolen items. This way, your progress will be steady and you will be able to complete the project on time.
Imagine a scenario in which building materials are being transported to the construction site and on the way there is an accident, damaging or destroying the materials. You will be required to obtain new materials which may strain you financially if you are doing this out of your own pocket. However, having insurance ensures that you no longer have to dole out money outside the scope of the expected budget.
It is always good to have an insurance company that understands you and listens to your needs. Keeping close contact with them at all times ensures that you are in good hands.
The construction business is riddled with a lot of risk and unless you are properly insured, you run the risk of paying out of pocket for claims. There is no way you can be assured that the entire project will be complete without some unforeseen events. Any kind of damage usually cannot be predicted and when it does happen, you want to make sure you have the right policy to cover you. Best Rate Insurance will make sure you are covered. Trust us to do the job for you.
It is never a good idea to take risks with high cost projects such as construction. Once you have the proper protection, you can go on with the project having the peace of mind that no matter what happens, you won’t have to stop the project or spend more than you anticipated.
Best Rate Insurance- Your Florida Builders Risk Experts
As an insurance company, we take the time to understand your individual needs and we are always here to help. You may get a free quote right away and see for yourself how much you stand to benefit from doing business with Best Rate Insurance! The quote is non-obligatory so there is absolutely no reason why you should hesitate any longer. Get a free quote today and be on your way to a successful construction project.
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