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Builder’s Risk Insurance

How to Close a Construction Site During the Holidays

The holiday season is here and that means many construction sites will be shutting down for a while. While many workers and contractors will be welcoming a much-deserved break — there a few things to consider before you close a construction site to keep the property and everyone else safe.

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Why Coastal Builder’s Risk Insurance Is Critical for Properties Under Construction

The 2021 hurricane season is shaping up to be a rough one with no signs of slowing down. Hurricane Ida ripped through the Gulf states downing power lines and obliterating structures. It then made its way up the Atlantic, unleashing record-breaking rainfalls, flash floods, and tornados which also caused extensive damage. Catastrophe risk solutions company…

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Protect Vacant Buildings from Halloween Vandalism

After more than a year of pandemic protocols and social distancing, experts like Dr. Fauci say families should enjoy trick or treating. That’s great news for all the children who missed Halloween last year. But Halloween can be the scariest night of the year for the owners of vacant real estate. Halloween vandalism at vacant…

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Builders Risk and General Liability for Contractors: What’s the Difference?

Construction projects are full of risk, and there are several different insurance products available to cover these exposures. Among the most common policies are builder’s risk insurance and general liability. Many people wonder if they can cut costs by only purchasing one. Is the coverage redundant? Do you really need both?  While there is some…

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Preventing Vandalism Amid Summer Uptick

Mischievous people with nothing to do, long summer days, and plenty of vacant and unoccupied buildings: a recipe for disaster. Whether your insured owns a vacant building or a building in the midst of the construction process, they should take steps to mitigate risk of vandalism, theft, and property damage as the universe conspires to…

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Most Popular Home Improvement Projects Amid COVID

Stuck at home, homeowners are displeased with their surroundings and funneling money they would have normally spent elsewhere into their homes. Over the past year, home improvement projects have surged and are showing no sign of slowing down. According to a survey from Axiom, a Minnesota-based marketing firm, 90 percent of 1,000 surveyed homeowners are…

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The Importance of Flexible Policy Terms Amid Widespread Construction Delays

Construction projects have historically been prone to delays. Now, after months of labor restrictions, material shortages, and an increase in renovations, delays are more widespread and severe than ever before.

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Builder’s Risk Insurance FAQs for Brokers

A property during construction has different risks than an established structure, and builder’s risk insurance helps to manage these unique risks. Unlike homeowners’ insurance, which covers structures that have already been built, builder’s risk is made for new constructions, renovations, or additions. From contractors to investment companies, it is essential for any person or organization…

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COVID Construction Spike Leads to Lumber Shortages

In March of 2020, American lumber mills curtailed operations, citing both employee health and safety concerns and an expected plunge in demand. As months-long quarantines kept Americans locked in their homes, however, home improvement projects and renovations skyrocketed. The failure of lumber producers to foresee this increased demand for construction supplies has led to widespread…

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Tapping into the Benefits of Transitional Real Estate Coverage

The pandemic has reshaped the real estate and construction market as many offices became vacant with workers going remote and companies rethinking their square-footage needs. At the same time, urban dwellers fled their apartments for the suburbs. As things begin to normalize, developers are looking to leverage the thousands of unused and vacant properties across…

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