Builder’s Risk (BR) insurance is an important coverage for buildings in the course of construction or remodeling. It protects property owners and contractors against damage and loss due to covered events such as theft, vandalism, fires, storms, hail, lightning, high wind, and explosions.
Build boldly. We have you covered.
Coverage as customized as your new build
We don’t want you to pay more than you should either. We will steer you towards savings.
We have been helping Arizona business owners for almost 40 years. We are your local insurance advocates.
Anyone who has a financial interest in an ongoing construction project could benefit from a builder’s risk policy being issued. This could include:
Builder’s Risk policies cover direct and indirect damages arising during new construction or renovation projects. This can include natural disasters Arizonans are familiar with such as fires, lightning, microbursts, and monsoon storms. A list of additional coverages is illustrated below. Some coverage limits can be increased with underwriting approval.
Covers the cost of water damage resulting from drains and sump pumps.
Provides reimbursement for claim preparation expenses that are necessary to finalize a claim as the result of a loss.
If you are a first-named insured and your company incurs a penalty as a result of a written contract provision, this coverage pays for late or non-completion penalties caused by delays from a covered loss.
This coverage helps pay for cleanup costs following a covered loss
This coverage pays for the fire department service charge from the fire department being called to respond to your covered loss.
This covers the enforcement of ordinances or laws that went into effect after the start of a new construction project.
If you’ve had a covered loss that resulted in pollutants contaminating the land or water, this coverage helps with the cleanup costs.
If your scaffolding becomes damaged in a covered loss, this coverage pays to get them repaired or replaced.
This coverage is for damage to scaffolding, construction forms, and temporary structures resulting from a covered claim.
This coverage is intended for materials that are intended to be part of the completed project that is temporarily stored offsite from the scheduled location.
This coverage is for material while it is in transit to a covered property or temporary storage.
This coverage provides lost business income or loss of rent resulting from a covered loss.
This coverage is for valuable papers that become damaged at a covered property as the result of a covered cause of loss.
Builders Risk policies should be purchased prior to or on the date of construction when the contract is finalized. Builders Risk coverage can be written for three, six, nine, or 12 months. Policies can be extended with underwriting approval. Coverage ends when the project is completed.
In Arizona, the cost of builder’s risk coverage is typically 1-5% of the total cost of the project.
Coverage is as low as $375 for some renovation projects.
We have markets with a capacity of up to $75 million in TIV. That covers most new construction and remodel jobs in Arizona!
No! Up to 90% of builder’s risk policies are accepted by underwriters.
Contractors must have a minimum project-related experience of two years. Coverage must be put in place before a project is started. For accounts that cancel mid-term for nonpayment of premiums, coverage can be hard to re-establish if there is a coverage gap.
Direct bill and premium financing are available.
Yes! Our insurance carriers write nationwide. If your business has an out-of-state job, we have you covered!
Yes! If you have other lines of commercial coverage, some insurance carriers will add a multi-line discount.