What does Builders Risk Policy mean? Read on to discover the definition & meaning of the term Builders Risk Policy - to help you better understand the language used in insurance policies.
Builders Risk Policy
A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.
We hope the you have a better understanding of the meaning of Builders Risk Policy.