New Construction Insurance

Builders risk insures a structure while under construction or renovation against damage or loss from a covered cause. The policy is often required to comply with government regulations or as a condition to meet banking or other contractual arrangements. A standalone builders risk policy does not provide coverage for workplace accidents and injuries or liability coverage.

Builders risk clients are often individuals or entities, including contractors, business owners, homeowners, developers, house flippers, investment companies and other financial institutions. While the Builders Risk Plan insured by Zurich allows new construction builders risk insurance to be purchased in the name of the owner or builder of a new home or commercial building, contractors and other parties of interest may also be protected under an additional named insured clause. Should your client choose to add the builder or owner as an additional named insured, be sure a waiver to subrogate is clearly outlined in the construction contract or agreement. This will protect the interest of additional named insureds should property damages occur during the course of construction.

The US Assure Builders Risk Plan insured by Zurich offers protection for a wide range of named perils including but not limited to: Property damage, theft, vandalism, fire or lightning, arson, collapse, wind and hail storms.

The following additional coverages are also standard to the Zurich builders risk coverage form:  materials in transit and at temporary locations, backup of sewers, drains or sumps, debris removal, fire department service charge, ordinance or law pollution cleanup, scaffolding re-erection, scaffolding construction forms, valuable papers, and more.

In most cases, clients have the option to purchase increased limits where appropriate and depending on the project type.