builder's risk insurance

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builder’s risk insurance

A specialized form of property insurance to cover work, 1 in the course of construction. Also see property insurance.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
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At the time of that incident, Extell was the named insured on a program of builder's risk insurance containing coverage in the amount of $700 million, that is, the total estimated cost of the project.
They then sought to obtain a builder's risk insurance policy.
Many construction contracts require the owner of the property to procure builder's risk insurance which covers damage to the portion of the property where the work is to be performed by the contractor.
In addition, Chappell helped the insurance group leader obtain automatic builder's risk insurance for projects under $50 million while doubling the number of carders participating in the quota share and layered program from nine to 18.
bodes well for the continued availability of comprehensive builder's risk insurance at an affordable price.