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Builder’s Risk Insurance
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…
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…
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…
How to Find More Builder’s Risk Insurance Leads
The construction market is one of the many industries that has felt the financial impacts of the coronavirus pandemic. The initial lockdown forced construction to a screeching halt, disrupting project schedules and causing short- and long-term uncertainty across the industry. However, as restrictions ease, construction projects resume once again, with commercial and residential construction projects…
Builders Site Protection and Market Changes
The pandemic caused unprecedented business closures during April and May across the country, particularly in the hospitality and retail sectors; sent professionals home to work remotely; emptied out office buildings; and shut down construction projects. We offer some insights on what we are seeing to date in both our Vacant Building and Builder’s Risk &…
Surge in Home Improvement Projects Amid COVID-19
As the pandemic keeps Americans in their houses and apartments, many are pulling out their toolboxes and getting to work on home improvement projects. Quarantine has us spending much more time than normal in our homes, resulting in both listless boredom and displeasure with our surroundings. What was once a minor flaw is now a…
Best Practices to Help Insureds Prevent Construction Site Theft
During a construction project, protecting the site along with the materials and equipment can become quite a challenge. Following is a list of several best practices property owners and/or contractors should implement to prevent theft and vandalism losses on job sites involving buildings under construction or undergoing a renovation.
Construction Insurance in Today’s Growing Market
If you build it, they will come—but don’t forget about adequate liability coverage for new construction! As the construction sector keeps pace with the general real estate market, Distinguished’s senior vice president and program executive, Michael Thabet, weighs in on currents facets of the construction industry and what that means for today’s carriers and insureds….
Builders Risk vs General Liability for Contractors
Builders Risk vs General Liability for Contractors Explained Reggie’s Explanation: Builder’s risk insurance is “coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.”
How to Protect New Construction Projects
Investors and economists often discuss new construction or “housing starts” as an indicator of our overall economic health. And while we don’t disagree, we look at the recent growth in new construction as an indication of your potential economic health! Builder’s risk insurance is one of our fastest growing product lines here at Distinguished, which…