Who Buys Builder's Risk Insurance?

Who Buys Builder's Risk Insurance?

Coverage ought to be purchased by the custom builder or general contractor and should even be purchased by the owner. Builder's risk coverage is also necessary to indicate proof of insurance to accommodates native town, county and state building codes and is commonly needed as a condition to several contracts.

Alternatives:

If the project involves renovations or additions to associate degree existing building., the owners existing property insurance might cowl the work beneath construction's, preventive  the requirement's for builder's risk insurance. (Policies vary.) However, within the case of latest buildings beneath construction on vacant sites, the owner might not have associate degree existing policy that gives coverage.