All construction projects are extensive undertakings and involve many different people. Everyone in the project from the property owners to the developers and contractors needs to be properly protected by construction insurance. Some types of construction insurance are legally required for many projects and other types are optional or recommended.
What Is Construction Insurance?
There is no one type of construction insurance. Construction insurance is a broad category that contains a variety of different types of insurance that provide protection during the undertaking of a construction project. To summarize, construction insurance generally refers to insurance that relates to construction projects and is not an actual form of insurance itself. There are many different types of construction insurance that protect a variety of different people and things.
What Are Some of The Most Common Types of Construction Insurance?
There is a vast array of different types of construction insurance coverage. Some of the most common types are:
- Builders Risk or Course of Construction Insurance: This type of insurance serves to cover all the buildings and other structures under construction during the project.
- Commercial and Contractor General Liability Insurance: This insurance provides liability protection for many people involved in the construction project. It covers you in situations where people are injured or property is damaged.
Construction projects can be extremely complicated and there are a lot of people to keep track of. Having good construction insurance can go a long way towards helping everything run more smoothly.