There are two main types of project-specific insurance coverage:
Builder’s Risk insurance (also commonly referred to as Course of Construction or COC) is intended to cover the value of the labour and material as it accumulates at a project site during progressive stages of construction. This usually includes items like build materials, fixtures and appliances all of which are intended to become part of the structure under construction.
Important Note: Builder’s Risk Insurance excludes coverage arising from damage resulting from faulty: design, planning, workmanship or materials.
Wrap-Up Liability insurance covers the legal liabilities of the owners, contractors and to an extent, the consultants at the project site. This coverage is separate and is not usually included with the Builder’s Risk coverage but may be part of the General Contractors Liability coverage.
The Builder’s Risk and Wrap-Up coverage’s may be purchased by either the project owner or the general contractor and are typical contractual requirements in building construction and renovations.
Your Riverstone broker can advise you on best coverage for your situation that will give you peace of mind.
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Consider cyber liability if you are in a position to be a target of a data breach or have sensitive data worth protecting.