Builder’s Risk Insurance for Projects Under Construction

The Rubin Group, based in New York, specializes in the construction industry providing contractors and property developers throughout the country with the insurance portfolio of coverages they require to protect against liability and property losses – from the beginning of a project through to its completion and beyond. Part of our insurance portfolio includes Builder’s Risk insurance, also known as course-of-construction coverage.

In looking how to best secure a Builder’s Risk policy, what’s important to determine is the insurable interest on a property – those who will suffer some degree of financial loss if the building is damaged or destroyed. Whether an owner or the General Contractor (GC) obtains the policy, it’s critical to ensure that coverage terms and the perils insured are appropriate for the exposure and that the limit will satisfy all insurable interests. Special consideration will need to be made as to the deductible amount and which party is responsible for its cost—the owner or GC—even if the GC obtains the policy. The professionals at The Rubin Group will review all of this with you including your contractual obligations.