Call Us 513-522-7424 ☰ ˟
Logo
Call Us 513-522-7424
  • Home
  • Our Agency
    • About Us
    • Our Staff
    • Our Locations
    • Commercial ProductsImage of right arrow
      • Coverage for Specific Industries
      • Coverage for Your Business
      • Coverage for Your Employees
    • Personal ProductsImage of right arrow
      • Automobile
      • Homeowners
      • Life
      • Powersports Vehicle
      • Personal Umbrella & Identity Theft
  • Products
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Alarm Contractors Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Insurance for Arborists- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Bar Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Box Truck Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Builders Risk Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Car Dealership Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Catering Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Construction Insurance
      • Consulting Firm Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Contractors Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Specialty Trade Contractors Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Craft Brewery Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Dental Practice Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Dump Truck Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Educational Facility Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Financial Institution Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Food Truck Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Fleet Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Handyman Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Garage Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Healthcare Facility Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Healthcare Practice Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Law Firm Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Life Science Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Limousine Services Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Liquor Liability Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Maintenance Contractors Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Manufacturing Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Media & Advertising Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Non Profit Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Personal Trainer Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Pool & Spa Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Printers & Publishers Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Real Estate Businesses Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Retail Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Scrap Metal Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Security Guards Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Self-Storage Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Septic Contractors Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Snow Plow Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Specialized Truck Equipment Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Technology Services Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Tractor Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Tow Trucks Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Uber Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Water Well Drillers Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Veterinary Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
    • Coverage for Your BusinessImage of right arrow
      • Surety & Fidelity Bonds - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Business Catastrophe Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Business Owners Policy (BOP) - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Commercial Auto Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Commercial General Liability - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Commercial Property Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Commercial Real Estate Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Commercial Umbrella Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Crime Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Errors and Omissions Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Equipment Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Fidelity Bonds - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Inland Marine Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Marine Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Mechanical Breakdown Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Office Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Product Liability Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Professional Liability Coverage - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Shipping Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Small Business Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Small Business Liability Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Storage Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Surety Bonds - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Technology Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Trailer Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Transportation Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Trucking Insurance and Semi Truck Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Wedding Insurance and Special Event Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Van Insurance - Cincinnati OH & Dayton OH - Moore Insurance, Inc.
    • Coverage for Your EmployeesImage of right arrow
      • Retiree Health Coverage- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Group Health Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Disability Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
      • Individual Life Insurance- Cincinnati OH & Dayton OH - Moore Insurance, Inc.
    • AutomobileImage of right arrow
      • Classic Car
      • Personal Injury Protection
      • Rental Reimbursement
      • Minor Violation Forgiveness
      • Medical Payments Coverage
      • Uninsured & Underinsured Motorist
    • HomeownersImage of right arrow
      • Homeowners Liability
      • Mortgage Protection
      • Scheduled Property Insurance
      • Landlords Insurance
    • LifeImage of right arrow
      • Individual Life
      • Long Term Care
      • Disability Insurance
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Personal Umbrella & Identity Theft
  • Get a Quote
  • Contact Us
  • Locations & Hours

What is Builder's Risk Insurance? in Cincinnati and Dayton, OH

Existing buildings are exposed to a wide variety of threats—fire, flooding, and vandalism are just a few of the ways building structures can be harmed. However, buildings under construction aren't ready to face risks that completed buildings can withstand. There's also the chance of an accident during the construction phase, like materials being destroyed or installed incorrectly. A proper risk analysis from our Moore Insurance, Inc. agents can help reduce the number of threats a new construction faces, and our agents can help reveal additional threats that may need to be covered by additional policies.

Builder's risk insurance is a policy designed to mitigate the chance of loss and protect you in the event that damage is done to the building. This policy is most commonly purchased by landowners and those funding the project, although some contractors purchase it in order to have more control over how each job is insured.

This policy is mainly designed for new construction, rather than changes and improvements to existing buildings. That form of construction is usually covered by property insurance and does not need any additional coverage, although it's best to talk with an agent before starting any particularly large project just to be absolutely sure it's covered.

What Does Builder's Risk Insurance Cover? What Does It Not Cover?

Builder's Risk Insurance generally covers the owner, the lending institution, the contractor(s) performing the work, and other related parties. In addition to providing coverage for damage to the building itself, most plans also cover temporary constructs (like scaffolding), materials, and equipment being used (whether it's currently on-site or off-site). The majority of policies are written on an all-perils basis, which means that reimbursements are available for any losses except those specifically excluded.

Common exclusions from this coverage include (but are not limited to):

  • The value of the land itself
  • Employee theft
  • Damages beyond the estimated value of the construction
  • Any losses brought by law or ordinance changes
  • Damage from earthquakes
  • Losses from war, nuclear hazards, or actions by civil authority

As you can see, most of the exclusions are not likely to occur during the course of a normal construction project. The value of the land is the only one likely to change as new work is done, and you will likely need to account for any improvements or losses the next time your company prepares taxes.

Builder's Risk Insurance Policy Lengths

Most policies last until the building is no longer under construction. The exact point at which this occurs can vary—it may be when certain parts of the structure are done (but finishing work, like painting, has not been completed), up to the day it opens for business, or when the contract with the construction company ends. If you're worried about interim risks—like the building being damaged between when construction finishes and when it opens for business—talk to one of our agents and ask about extending your coverage.

 

1. "Threat/Vulnerability Assessments and Risk Analysis." WBDG. Accessed April 20, 2016. https://www.wbdg.org/resources/riskanalysis.php.

2. "Who Should Buy Builder’s Risk Insurance?" BuildingAdvisor. Accessed April 20, 2016. http://buildingadvisor.com/who-should-buy-builders-risk-insurance/.

3. "How Do I Account for Land improvements?" Questions & Answers - AccountingTools. Accessed April 20, 2016. http://www.accountingtools.com/questions-and-answers/how-do-i-account-for-land-improvements.html.

Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact
1701 Compton Rd | Cincinnati, OH 45231
P: 513-522-7424 | F: 513-728-4031 | service@mooreinsinc.com
Social Social Social
Logo

Powered by Insurance Website Builder