We hear it all the time: “It’s not going to happen to me.”
Flooding, earth movement, soft causes, loss of rent – add these to the list of things that you gloss over in a conversation about insurance because you just don’t think they’re going to happen. It’s hard to expect the unexpected.
As advisors, we’re in the business of making sure you take every measure to avoid unnecessary risk. We’re also here to make sure you’re covered if that “never going to happen” scenario becomes reality.
Which brings us to builders risk insurance. This coverage protects your organization when your construction materials and equipment sustain physical loss or damage. It sounds straightforward, but the problem is, it’s not so clear cut.
You already know not all projects are created equal – the same can be said for builders risk insurance.
If it’s too good to be true, it probably is (time to ask more questions)
Price is often the first consideration when narrowing down your options for builders risk. However, before quickly selecting the option with the lowest price, it is important to understand your organization’s unique risks.
Builders risk, unlike many other areas of insurance, isn’t a consistent facet of business insurance. Every carrier handles builders risk differently, relying on different forms, endorsements, and processes to write this coverage. Advisors outside of the construction specialization may not pick up on the nuances that could make or break your coverage in times of crisis.
Our focused expertise in the construction industry puts us in the best position to help you analyze your current risk and find builders risk insurance that protects you, today. We know what data we’re looking for, what questions we need to ask carriers, and what the options are in the builders risk market. We’ll analyze every policy option, down to the very last detail, to make sure you’re paying a fair price for the coverage your business needs.
It’s difficult to visualize the catastrophic and foresee the unknown. You don’t know what you don’t know. To make sure you’re asking the right questions, reach out to your M3 Construction & Real Estate Account Executive to guide you through the builders risk process.
Ross Heginbottom is a property and casualty account executive for M3 Insurance, specializing in construction and real estate.