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Risk is a constant in the world of real estate. You take on risk whenever you buy or sell any property. It’s also something you must acknowledge when you decide to pour resources into a new building project.
Taking on that risk is more than acceptable, considering how much you could earn once you start selling or renting out spaces in your new building. Still, minimizing risk as much as possible would seem to be a wise move.
With that in mind, it may be time for you to consider purchasing a builder’s risk insurance. At the TransGlobal P&C Insurance Agency, we want our commercial clients to find out more about the value of builder’s risk insurance. Please continue with this article to understand how this policy can protect you.
Most construction projects are costly. Creating a budget before the construction project gets underway is a good idea so that you don’t wind up overspending and potentially crippling yourself financially.
Sticking to that budget is also a must, but that may prove impossible if there are unexpected issues that arise during construction. With your budget now insufficient to complete the project, you may have to suspend the project or perhaps abandon it altogether temporarily.
You don’t want something like that to happen, and that is why builder’s risk insurance can prove to be incredibly valuable.
Builder’s risk insurance protects the structure that is currently under construction. The plan may also cover the materials that will be used for construction that are already on-site as well as the other materials that will be transported to the site eventually.
This kind of insurance shares some similarities with homeowners’ insurance in the sense that it protects the establishment against fire and lightning damage, theft, vandalism, and even potential damage caused by vehicles.
Several parties should be interested in purchasing the builder’s risk insurance. You, as the owner of the establishment under construction, should take out a policy, and it’s also recommended for contractors and subcontractors. If you took out a loan to fund the project, the lender might also be named in the policy.
Businesses can protect their investments better with the help of builder’s risk insurance. Businesses who want a comprehensive plan can turn to us at the TransGlobal P&C Insurance Agency for assistance. Feel free to contact us today to learn more about builder’s risk insurance.
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