Just like finished buildings, unfinished buildings (either under construction/renovation) are also prone to damages from theft, vandalism, natural disasters, and more, leaving you liable for the losses. In this case, a builder's risk insurance policy is crucial to cover the under-construction buildings and their fixtures/materials from damage caused by these perils. At Bema Insurance, we offer a best-in-class builder's risk policy to have you covered against the loss/damage to property during construction.
Any person or organization with an insurable interest in the property that is being constructed or renovated must have a builder's risk policy, including:
A basic builder's risk insurance policy covers:
Besides these, you can add coverage extensions to cover:
At Bema Insurance, we know what it takes to protect your under-construction properties. That's why we offer various types of builder's risk policies built around three types of construction, such as new construction, installation, and renovation (including or excluding the existing structure).
Covers contractors and residential/commercial property owners against one new construction, installation, or renovation project.
Designed for contractors working on 25 or more commercial or residential new construction projects per year.
Designed for contractors with 2 or more commercial and residential new construction projects worth up to $3 million.
Designed for trade contractors with commercial and residential projects.
Whether it is a high-rise commercial construction or residential renovation, a customized builder’s risk policy from Bema Insurance will help protect it against unfortunate incidents and resulting losses. With over four decades of experience in the insurance field, we bring in professionalism and extensive product knowledge while tailoring policies according to your specific needs. With us by your side, you can construct/renovate your property without worrying about potential mishaps.