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Builder’s Risk Insurance
Builder’s risk insurance generally covers the same things that regular property insurance does - damage from theft, fire, vandalism, wind, hail, and other accidental loss or damage to the property. The coverage usually lasts until the building or structure is completed and/or accepted by the owner. However, it is important to keep in mind that builder’s risk insurance does not cover losses that occur before the project started or after it is completed. Builder’s risk insurance also differs from a Surety Bond, which protects the buyer from financial losses he may incur if the contractor fails to complete a project.
A builder’s risk insurance policy is a wise decision for people who have a financial interest in property construction. This includes residential or commercial construction, new construction, remodeling, or a renovation project. Some trade associations and financial lending institutions have made it a practice to ask for builder’s risk insurance, especially on high value projects worth a million dollars or more.
Some companies offer additional coverage for damage from earthquakes and floods with builder’s risk insurance. There can also be additional built-in benefits, catering to the specialized needs of a particular construction site – both commercial and residential. Keep in mind that some insurance companies ask for a certain level of experience on the part of the builder before they provide insurance for their commercial sites.
If you are concerned about soft costs like financing, accounting, additional property tax, any loss of income incurred from damage to property and accounting, you can find insurance companies that offer these as features of a builder’s risk insurance policy.
At Berg Insurance we change the way people buy builder’s risk insurance. We help you understand and analyze different kinds of coverage and research competing agencies so that you can get the best builder’s risk insurance quotes. We are sensitive with first time buyers of insurance and offer information and advice in a way that is simple to understand. At the same time, seasoned insurance buyers trust and depend on us for assistance. To find out more about our services, get in touch with us toll free at 800-989-7990. |
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July 16th, CAI-GRIE Billiards Tournament
SEE PHOTOS
July 28-30, CACM Expo
Disneyland Convention Center
Who to look for? - Michael Berg, Kimberly Lilley and Marianne Pick
August 6th, CAI-GRIE Bowling Tournament
4:30 pm - Brunswick Classic Lanes
1800 Hamner Avenue, Norco, CA 92860
Who to look for? - Michael Berg, Kimberly Lilley and Marianne Pick
August 10th, CAI-GRIE Luncheon
11:00 am - Riverside Convention Center
3443 Orange Street, Riverside, CA 92501
Who to look for? Kimberly Lilley and Marianne Pick
August 12th, CAI-OC Luncheon
11:30 am - Irvine Marriott
18000 Von Karman Ave., Irvine, CA 92612
Who to look for? Michael Berg, Kimberly Lilley and Marianne Pick
August 16th, CAI-GLAC Golf Tournament
8:00 am - Braemar Country Club
4001 Reseda Blvd., Tarzana, CA 91357
Who to look for? Michael Berg
August 25th, CAI-GLAC Luncheon
11:30 am - Skirball Center
2701 North Sepulveda Boulevard, LA, CA 90049
Who to look for? - Kimberly Lilley
August 27th, CAI-SD Luncheon
11:00 am - DoubleTree Mission Valley
7450 Hazard Center Drive, San Diego, CA 92108
Who to look for? - Michael Berg and Kimberly Lilley
September 10, CAI-SD Morning Program
8:30 am, Courtyard by Marriott
8651 Spectrum Center Blvd San Diego, California 92123
Who to look for? - Kimberly Lilley
BERG PHOTO GALLERY
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Common Interest Developments
There has been some discussion of revised Fannie Mae guidelines with respect to community associations. This discussion has brought confusion, and I hope to provide some clarity to the issue.
Fannie Mae presented Announcement 08-34 on December 16, 2008 titled “Project Eligibility Review Service and Changes to Condominium and Cooperative Project Policies.” Among the many items included in this Announcement are general policy changes regarding project eligibility requirements, and condominium association project insurance clarifications. More…
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