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Builder’s Risk

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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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 FAQs

A property in the midst of 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…

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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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From Vacant Properties to Builder’s Risk: 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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How to Find More Builder’s Risk 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…

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Builder’s Risk 101: What is Builder’s Risk Insurance?

As the name may imply, builder’s risk insurance is a specialized type of property insurance that protects buildings under construction. Unlike homeowners’ insurance, which covers structures that have already been built, builder’s risk is made for new constructions, renovations, or additions. A property in the midst of construction has different risks than an established structure,…

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What’s Happening in the Vacant Building & Builder’s Risk Insurance Markets?

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 &…

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