Builder’s risk insurance addresses various risks that can occur during construction, ensuring your project stays on track. Understanding common claims helps you prepare and implement preventive measures.
Frequent Claims Include:
- Theft and Vandalism:
- Loss of construction materials or damage caused by unauthorized individuals.
- Mitigate risk with security cameras and proper site lighting.
- Weather Damage:
- Storms, wind, or water damage affecting materials and structures.
- Use weatherproof covers and site drainage systems.
- Fire Damage:
- Fires caused by electrical faults or accidents during construction.
- Implement fire prevention protocols, such as fire extinguishers and regular safety checks.
- Equipment and Machinery Damage:
- Issues arising from improper use, theft, or accidents.
- Maintain and secure all equipment to reduce claims.
Understanding the most common claims allows you to better safeguard your projects. Taking proactive steps can reduce risks and ensure smoother operations.
