Builders Risk Insurance Explained - imar Insurance

By: Angela Henry


Becoming an owner builder allows you to save big money, get exactly what you want, and have complete control of your projects. But along with these come some big responsibilities to ensure your project runs smoothly. For those that take on the general contractor role you are the person at the top. Owner builder insurance is a legal necessity in most states, and is highly recommended even if it is not a legal requirement in your area because it provides the necessary coverage to successfully complete your project.

Buildings or any other structures which are under construction or renovation are prone to different risks. They are vulnerable to accidents and damages even after taking all precautions, following safety norms and standards. They may get damaged by heavy winds, fire or fall victim to unforeseen events that occur on a construction site and can disrupt your financial stability. Builder's Risk Insurance covers a building which is presently being constructed or renovated. It can also cover damages to the materials, which are to be installed or used at the construction site.

It is the building owner who is supposed to buy builder's risk insurance. Sometimes, depending on the contract, a construction contractor may need to buy it. As a building owner, builder or a construction contractor, you should know what it covers, its extensions and exclusions to make sure that your construction project is secure. A builder's risk insurance policy can cover both residential as well as commercial sites of construction. Most of the builder's risk insurance policies usually provide the coverage for the losses to the insured structured from a wide variety of events such as fire, wind, vandalism, lightning, wind, theft, hail, explosion, etc. The typical coverage of this insurance will be during the construction period.

It is very important to choose the right policy as it not only offers better coverage, but also makes you pay low premiums. The policy should be prepared carefully to get appropriate type and level of protection. So, it is advised to approach a specialist insurance brokerage, which can provide accurate estimate of the costs of materials, labour and the complete value of the project to get the right level of coverage.

In conclusion, it is important to realize that every construction site and every construction project faces different risks. Therefore, they must be covered for different risks. An owner builder insurance policy good for one site may not be good for another. It is important to get several online quotes before choosing an insurance provider.

imar experts in builders insurance schemes for builders, property developers and tradesmen. Operating in Australia, imar has built up an unrivalled range of contacts within the construction industry enabling them to offer fast and competitive quotes. imarís highly experienced and friendly team is here to help and advice. imar have developed products designed specifically for your business, occupation or special interest. imar has many years experience in the insurance industry and a thorough understanding of your requirements. To get an online quote, please visit the site http://www.imar.com.au/

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imar experts in builders insurance schemes for builders, property developers and tradesmen. imarís highly experienced and friendly team is here to help and advice.

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