Construction insurance, also referred to as builders risk insurance, is purchased prior to beginning the building process. A licensed insurance agency issues a certificate that is typically in effect for one year or until the completion of the project, whichever occurs first. It lessens the builder’s financial risk from unforeseen circumstances during the construction process. Small construction companies and large conglomerates alike can benefit from construction insurance NY, especially in this tough economic climate when construction site thefts are becoming more and more common.
Construction insurance NY covers all of the construction equipment, building materials and property on a jobsite in the case of accidents, fire or weather damage, as well as theft. Construction insurance policies also provide full liability coverage for injuries sustained on the jobsite, including any medical and legal costs and workers compensation claims.
As with any type of insurance policy, however, there are a few things that construction insurance policies typically do not cover. These include but are not limited to any extra costs that may be incurred from delays associated with the damage or loss of equipment, as well as the transportation of building materials from one location to another.
When shopping for construction insurance NY it is important to select a reputable company with extensive knowledge in the construction industry. They can help you design a policy to fit the unique needs of your company and its jobs.