Builders Risk Insurance in New York provides coverage for the owner of the property, the lending institution or bank, the commercial contractor or contractors working on the site, and other related parties.
Builders risk insurance companies advise having these policies in place to cover any damage to the structure. Further, they cover temporary structures like scaffolding, equipment, and materials used, be they on or off-site. In addition, most insurance firms write these plans on an all-perils basis. In other words, reimbursements cover any losses, save for those expressly excluded.
However, there are a few exclusions from builders risk insurance in New York, and these include but are not limited to:
- Employee theft
- Damages from earthquakes
- Losses brought about as a consequence of actions by civil authority, war, or nuclear hazards.
- Losses as a result of law or ordinance changes
- The land value
- Damages that fall beyond the estimated value of the construction
While this may seem daunting, the likelihood of any of the above occuring during construction is minimal.