The Top 3 Types of Construction Insurance You Need To Know
“Construction Insurance” is a broad, catch-all term that describes the various coverages individuals, businesses and contractors need to have during various phases of construction projects. While there are many types of coverages available, we’ve outlined three of the most important to know and fully understand before you begin a project.
Builder’s Risk Insurance: Also known as “Course of Construction” insurance, this important coverage is for structures and buildings while they’re under construction. This is most important because other policies, such as homeowner’s insurance or commercial property insurance, typically do not cover structures during the actual construction phase.
Inland Marine Insurance: The name of this insurance comes from an era when this primarily covered ocean-bound vessels and materials, but that’s no longer the case. It’s changed to cover a wide range of uses, mainly property used by construction contractors, developers and professionals. It can include contractor’s tools, computer equipment, and mobile equipment.
Contractor License Bonds: These are agreements that guarantee a contractor will follow and comply with all pertinent regulations that apply to their contractor license. It’s slightly different from an insurance policy, because while the contractor purchases the bond, it’s designed to protect the general public. Certain states and construction contracts require contractors carry such a bond.
To learn more about these policies and more, give Ansay & Associates a call at 1-888-262-6729 or visit www.ansay.com for more
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