John Brown, CEO of Farmer Brown Insurance Agency shares some of his 25 years experience in the insurance business in “Understanding Builders Risk Insurance E-Book”
Most people do not know the ins and outs of how a builders risk insurance policy works. One may think that only contractors could make good use of this type of information, but the truth is that a great number of homeowners and property owners could benefit from knowledge in this area. It’s not a surprise that homeowners find themselves at the mercy of their lenders when it comes to their property insurance matters. Overall, if someone is planning on making renovations, changes and upgrades in their homes, builders risk insurance could be mandatory. The average homeowner would generally have no clue as to what a Builders Risk Insurance Policy is, “Understanding Builders Risk Insurance E-Book” could easily provide the information you need.
This E-book was recently released on BuildersRisk.net, an online agency associated with Farmer Brown Insurance.
This agency gathers a group of insurance carriers to form a partnership in the insurance world. They are designed to offer commercial insurance for all size contractor businesses. With a 4.9 rate on Trustpilot, BuildersRisk.net proves to be more than trustworthy among their customers, who share experiences on how the agents helped them meet their insurance needs.
Let’s start from the basics. Builders risk insurance is also known as “course of construction insurance.” It’s been designed to offer protection against some common risks that homeowners and contractors came across at the specific time of construction. For many years, common threats like fire, theft and some natural disasters have been the cause of loss and financial hardship when buildings were being constructed or remodeled. So, at the end of the 19th century, insurance companies created a policy that would offer protection during the course of construction. By adding tools and material coverages to a property insurance policy, a builders risk insurance policy was born.
Understanding Builders Risk Insurance E-Book aims to help its readers get a basic idea of what this policy offers in terms of coverages and exclusions. It prevents misunderstandings by explaining the specific use of this insurance. The E-book is intended for all people regardless of their level of experience or knowledge. The author provides a clear explanation of who would need this type of insurance, what’s covered and what’s not, what are the term limits and, of course, what the expected cost is.
It’s a snack for avid readers and shares easy explanations from a subject that most people find rather difficult. When going through the pages of this E-book, readers will learn useful recommendations. They will also find simple explanations given by experts. There is a whole world of details to consider in this commercial insurance. Factors such as the property itself, materials, duration of the project, some inherent risks and more, are subject of consideration to buy this insurance. The focus of protection will depend on the angle you look from and also the interest of the one looking to buy the insurance.
This information comes in handy at the time to buy a builders risk insurance policy because it highlights both angles of interest: the contractor and the property owner. With that idea in mind, if there is a mortgage on the property under construction, the lender will request Builders Risk insurance. If this is the case, the property owner could opt to buy this policy and add the contractor as an additional insured on his policy. In this scenario, it’s possible that the contractor won’t have the option to add protection to his own interest.
On the other hand, contractors working on a remodeling process or starting a ground up construction, should be cautious and protect their business’ financial safety. In this case, contractors that work directly with the property owner should get builders risk insurance and add the property owner as an additional insured. In most cases the contractor will carry an extra weight on his shoulders because there’s an interest in the protection of his expensive equipment and tools on site or in transit. Either way, this E-book shows that a builders risk policy can help insure the interest of both sides.
Visit BuildersRisk.net for more information about this commercial type of insurance. They offer specialized assistance to their customers and share useful information about what to expect from your insurance. The E-book is available on their website now.
