builder’s risk coverage

Coverage that
follows the
project

Builder's Risk protects buildings under construction and the materials, equipment, and soft costs that go with them. Single-shot policies for individual projects, or reporting forms for businesses with ongoing construction activity. We structure the coverage around how the project is actually being built.

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WHY IT MATTERS

Most claims happen
mid-project.

Fire, theft, wind damage, vandalism, water intrusion, collapse. Construction sites face exposures that standard property policies don’t cover, and the gaps show up when the project is most exposed, somewhere between foundation and substantial completion.

Builder’s Risk fills that gap. The right policy covers the physical work, the materials on site and in transit, and the soft costs that compound when a project is delayed. The wrong policy covers some of those things, with sub-limits and exclusions you don’t notice until the claim comes in.

WHAT'S COVERED

What a good Builder’s Risk policy includes.

Buildings under construction, additions, renovations, and the structural work that's the core of the project. Coverage applies from the start of work through substantial completion.

Materials on site, materials in transit, and temporary structures (scaffolding, forms, temporary fencing). Some policies extend to materials at off-site storage locations, we look at that carefully when the project depends on it.

Architectural and engineering fees, financing costs, permits, leasing commissions, and the other non-construction expenses that compound when a project is delayed by a covered loss. Soft costs are easy to underestimate and easy to leave out of the policy.

Coverage adjustments when the project scope, value, or timeline changes mid-build. We review the policy as the project evolves so the coverage stays aligned with the work.

HOW WE APPROACH IT

Three things we do differently.

01/

We size the policy to the project

Single-shot for a defined project, reporting form for ongoing construction work, or master programs for clients with multiple projects in the pipeline. The policy structure follows the work, not the calendar year.

02/

We pay attention to the exclusions

Faulty workmanship, design defects, mold, water, and earthquake are areas where Builder's Risk policies vary widely. We read the actual exclusionary language and flag what's worth knowing before you bind.

03/

We handle change orders

Projects evolve. Value goes up, scope changes, timelines extend. We adjust the policy as the project changes so coverage doesn't fall out of step with the work.

WHO BUYS BUILDER'S RISK

Three common buyers.

Developers

Real estate developers, especially on larger or multi-phase projects, frequently carry their own Builder's Risk programs. Lender requirements often drive this, and policy structures can get complex on phased builds.

Contractors

General contractors and prime contractors typically carry Builder's Risk on projects where they're responsible for the structure during construction. Sometimes the contract requires it; sometimes the GC carries it as a matter of practice.

Property Owners

Owners often carry Builder's Risk on projects they're financing, particularly when the owner has direct exposure to delays or wants control over the coverage rather than depending on a contractor's policy. 

COMMON SCENARIOS

Situations we handle often.

A general contractor starts a $4M commercial renovation. The owner requires Builder’s Risk with specific limits, a waiver of subrogation, and the lender named as loss payee.
A property owner finances a ground-up build and wants their own Builder's Risk policy rather than relying on the contractor's. They need soft cost coverage that includes carrying costs on the construction loan.
A developer with five active projects of varying sizes needs a reporting-form policy so coverage adjusts as projects start, progress, and finish, without negotiating a new policy every time.

Two workers in hard hats and safety vests inside an industrial facility – builder's risk insurance common scenarios | CRS Group Nebraska

Common questions before you switch

Specific to Builder's Risk.

Typically, when materials arrive on site, or work begins, and ends at substantial completion, occupancy, or the policy expiration, whichever comes first. The exact triggers depend on the policy form, and we walk through them on every quote.

Existing structure coverage is usually addressed separately, either through the owner's property policy or through a specific Builder's Risk extension. We coordinate the two so there's no gap between what's existing and what's new.

Either through a master policy with phase-by-phase reporting, or through individual policies per phase. The right structure depends on the project timeline, the financing structure, and the lender requirements.

Common exclusions include normal wear and tear, faulty workmanship (in many policies), design defects, employee theft, and certain water-related events. The specific exclusions vary by carrier, and we flag them up front.