Winter hazards go hand-in-hand with builders’ risk insurance, and it is essential to understand what it means. Have you ever had to file a claim for building or property damages due to winter weather on behalf of your client? As an insurance broker, you can help protect your clients from these losses with a Builders Risk Policy.
What is a Builders Risk Policy, and why should you discuss it with them? This blog will explore the basics of Builders Risk Coverage and how it can help your clients protect their new build or renovation projects from the harsh winter elements.
What is Builders Risk Insurance?
Builders Risk Insurance, also known as Course of Construction, is a specialized type of property insurance covering physical damage to buildings and other structures while under construction, renovation, or repair.
This policy covers damage from various perils, including fire, theft, vandalism, windstorm, hail, and other winter weather-related hazards. But anyone can tailor Builders’ Risk Insurance to meet project-specific needs, including coverage for materials, labor, and additional related costs.
When it comes to winter weather, Builders Risk Insurance can help mitigate the financial losses associated with damaged or destroyed buildings, materials, and labor due to severe weather conditions such as snow, sleet, and freezing rain. It can also protect against additional winter-related hazards such as flooding, landslides, and mudslides resulting from extended snow or ice accumulation.
Why is Builders Risk Coverage Important?
Winter brings unique hazards that could cause severe damage and leave you scrambling for an adequate financial solution. Snow, ice, freezing temperatures—winter can bring a dangerous combination to any construction site.
Thus, as an insurance broker, you must help your clients understand how Builders Risk Coverage can protect their new build or renovation projects. While standard property insurance may cover some of the damages from winter weather, only Builders Risk Insurance can provide comprehensive protection for a building or structure in its construction phase.
So don’t wait—talk to your clients today about the importance of Builders Risk Coverage during the winter season. It could be the difference between a successful new project and one left in ruins due to unforeseen winter weather conditions.
Conclusion
Your clients’ projects are substantial investments. With a Builders Risk Policy, your clients can rest assured that their project has adequate protection against winter weather-related damages and other hazards.
So this winter, take the extra step and ensure you’re helping your clients understand the importance of Builders Risk Coverage and how it can help prevent the unexpected financial losses associated with winter weather. Happy wintering!
About Snyder Specialty
Snyder Specialty, LLC is a New York-based underwriting facility that provides a range of property and liability solutions for personal and commercial lines. Specializing in coastal properties and hard-to-place risks, Snyder Specialty expands your current capabilities with proven solutions for complex risks. Find out more about the company’s range of services by calling (718) 362-8039.
