BGES Group Offers You Great Builders Risk Insurance, Great Pricing, Great Expertise, And Great Service in Rochester, NY. For Help, Call 866-925-1508 Today!
Builders Risk Insurance: Buyer Beware!
Builders' risk policies do not usually cover every property exposure or every type of loss peril. While policies vary, the Majority of Construction Policies in Rochester, NY are written based on state-regulated and standardized forms.
You can expect a builders' risk policy to cover buildings and structures on the property, including the systems directly installed within. Standard policies cover in Rochester, NY such items as electrical systems, boilers, heaters, and HVAC systems. Policies usually also provide Coverage For Temporary Structures, as well as construction materials that are stored on the premises for use on site.
Identifying risk exposures is "key" to designing the "Right Builders Risk Policy", it's important not to work with just any insurance agent in Rochester, NY when purchasing coverage. It is unlike auto or apartment insurance. It can be quite complex, and because of that, we strongly recommend working with an agent who specializes in Construction Insurance.
BGES Group is one agent, and by calling 866-925-1508, you can receive help immediately.
Unless you are able to custom, tailor make a policy, most policies will not cover items such as roads, fencing, walkways, swimming pools, and other external items not intrinsic to the Main Enclosed Structures. Landscaping is also not covered under this particular policy in Rochester, NY.
Underground items are also not usually covered either. For example, there may be no coverage for plumbing and irrigation systems, drains, and even building foundations.
Is the property to be developed adjacent to a body of water? Standard builders' insurance probably won't cover items like bridges, docks, and wharves that interact with the water. If the project is involved, it would be beneficial to obtain Standard Property Insurance Forms so you can go over the types of properties not covered and the perils excluded. Knowing this while in the process of purchasing coverage in Rochester, NY can help in designing the right policy for your needs. You don't want to get caught at the time of loss with an uncovered claim, right? This is one way to protect yourself.
All-Risk vs. Specific Peril
All-risk policies provide Protection Against Any Risk (of course there are exclusions), while named peril policies only protect against damages from specific hazards. All things being equal, you can expect a higher premium for all-risk versus a named-perils policy.
Riders and Endorsements
Policies that fall under "Personal Lines Insurance" are highly regulated by their states. State agencies must approve policies before they can be sold to the public. They do so to protect their consumers against Unscrupulous Insurance Companies. Homeowners, Personal Auto, and Contractor Insurance are policy types that are carefully monitored in Rochester, NY. On the other hand, Builders' Risk Insurance falls under "Commercial Lines Insurance." Even though a lot of companies sell policies that are approved by their state, some issue policies that can vary from company to company.
They are readily and easily upgraded to include additional coverages. In states like Rochester, where these types of policies are sold, it's critical you work with a "Construction Insurance Specialist" not just any agent. Failure to heed this warning can be "Hazardous to Your Wealth!"
Is it hard to believe that acts of war and acts of terror are frequently listed as exclusions on Standard Insurance Policies? Of course not. If you are building a structure near a nuclear plant, for example, or a high-profile and logical target for terrorist groups or an enemy military, you may want to consider purchasing additional coverage in Rochester, NY. If you need such coverage, it's usually called a "Difference in Condition Policy."
Story - Work on the new apartment complex in Rochester, NY was progressing timely. The owner had lined up tenants for two-thirds of the apartments and was in talks with several other potential tenants. The contractor expected to Finish Construction On Time. All changed when the fire broke out on the first floor late one afternoon. It spread from a stack of drywall awaiting installation to a pile of scrap plywood, where the wind picked up the flames and carried them to the structure.
Drywall, insulation, and plastic wiring all soon ignited. Firefighters were able to contain the blaze and Limit The Damage. However, it would now take an additional two months to complete the project because the contractor in Rochester, NY would have to clean up the debris from the fire and ensuing water damage, order replacement materials, and re-do much of the first floor's construction. The owner faced the certainty of thousands of dollars in lost rent and additional interest on his Construction Loan.
The owner and contractor had purchased a builders risk policy in Rochester, NY to cover damage to the project. They also had what's called "Soft Costs Coverage" to cover loss of rents and extra loan interest expense should an unforeseen event cause delays in building completion.
Soft costs are costs or reduced income resulting from a delay in a project's completion in Rochester, NY. They include expenses such as:
- Lost rents
- Additional interest on loans
- Additional real estate taxes
- Additional advertising costs
- Additional insurance premiums
Some builders' risk policies have this coverage built in, while others provide it only if the Policy Holder wants and pays for it. Be aware you are exposed to this type of loss and if you need coverage in Rochester, NY make sure it's purchased and included in your policy.
Read Your Policy
It is important to read and understand your policy in detail, paying close attention to the Policy Exclusions. If one of the exclusions is a risk you're concerned about, it needs to be addressed before the building gets underway. The additional premium required to make changes can be inconsequential compared to an uncovered loss. Proper designing of this coverage in Rochester, NY offers an incredible piece of mind. Make sure to take the time to design this policy correctly.
Final Caveat! Work with an agent that specializes in construction insurance! BGES Group is one such agent. For help call 866-925-1508 today!
About BGES Group Insurance
BGES Group a Leading Commercial Insurance Provider is a full-service agency offering Property, Inland Marine, General Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Workers' Compensation, and Workers' Compensation Premium Recovery, Rochester State Disability, Commercial Health Insurance and more. We offer Соnѕultаtiоn on Vаriоuѕ Riѕk Management Issues too in Rochester, NY.
Areas of Specialty: Construction Insurance – Looking for lower rates &/or better coverage? We represent just about every conceivable program available for Rochester Contractors (We Cover The Tri-State Area); Workers' Compensation Insurance For All Types of Business; Commercial Insurance for all types of business owners; Special Discounted Property & Liability Programs for Соmmеrсiаl Rеаl Еѕtаtе Owners; Group Health Insurance.
We also offer Personal Lines Insurance in Rochester, NY such as Homeowners, Auto, Boat, Individual Health, Life, Long-Term Disability, Long-Term Care, Annuities, and much, much more! Looking to Орtimizе Уоur Financial Positions, turn to us for help.
What differentiates us from other agencies is our "boutique, never have to wait for service." Not only do we design the Most Ѕuitаblе Insurance package in Rochester, NY but you get to deal with one person who knows your account inside and out!
We differentiate ourselves by giving clients very personal care. When you call we immediately answer the phone. Emails are responded to immediately. Texts too. Tired of waiting, being placed on hold, being told your "CSR" is away from their desk, out to lunch, or on vacation? That won't happen with us and the best part, YOU ALWAYS get a friendly, helpful person to talk to when you call in Rochester, NY. Isn't that refreshing?
Prоblеm-Sоlvеrѕ - Truѕtеd Adviѕеrѕ - Induѕtrу Lеаdеrѕ. However уоu think оf us, wе strive to do more fоr оur customers. Wе аrе here to help design a Workers' Compensation program in Rochester, NY that fits YOUR needs. Call at 866-925-1508 and get help today!"