Course of Construction / Builders Risk
A special type of property insurance which indemnifies against damage to buildings while they are under construction.
A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms.
Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting formbasis; in either case, the estimated completed value of the project is used as the limit of insurance.
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