General Information About Builders Risk Insurance

If you’re new to the insurance industry or maybe this is your first time insuring a construction project, there is no better time to learn about builders risk insurance.

Sold by a multitude of global, national and regional insurers, builders risk — also known as course of construction insurance — is easy to obtain. However, ensuring the proper coverage and limits are in place requires a fundamental understanding of the risks likely to occur while under construction. The basic concept of builders risk is relatively simple to grasp, even for those who don’t practice insurance every day. With the insight we’ve gained from over 40 years as the exclusive administrator of the Builders Risk Plan insured by Zurich, US Assure can provide you with foundational knowledge about insurance coverage for new construction, remodeling and installation projects.  

What does builders risk insurance cost?

The cost of a builders risk insurance policy depends on five factors: location, construction type, project type, optional coverage, and additional fees and taxes. A basic builders risk policy from the Builders Risk Plan insured by Zurich starts at $375, in most states.

What does builders risk insurance cover?

Builders risk insurance can cover a variety of projects, offering standard coverages and additional endorsements to tailor policies for any residential or commercial course of construction project. Depending on the coverage selected at the time of policy issuance, the Builders Risk Plan insured by Zurich can protect policyholders' financial wellbeing should loss occur from exposures such as theft, fire, materials in transit, back-up of sewers, flood, earthquake and much more.

What builders risk policy is the right choice?

Multiple builders risk insurance policies are available and can be secured in the name of nearly anyone with a vested interest in the project under construction — including for homeowners, contractors and business entities. Factors like the number of projects to insure and the type of customer help determine what policies to consider.

What course of construction projects are eligible for builders risk insurance?

Nearly any client with a financial interest in the completed project is eligible to purchase a builders risk insurance policy. Individuals or entities — including contractors, business owners, homeowners or financial institutions — are often primary builders risk clients.

Partnering with a construction expert that also offers financial stability and reliability is the best place to start when researching insurance carriers. A provider with a proven track record of favorable claims history is also a critical factor when advising any client. Providers like US Assure and Zurich, that practice sound and consistent underwriting and have expertise in construction remain consistent with respect to appetite and pricing, and are proven reliable partners. Learn about Zurich’s customer claims care.

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