Every construction project should have contractor liability insurance to cover any potential damages or injury to employees and subcontractors. However, sometimes equipment and the structure itself incur loss or damage, so course of construction or COC insurance is beneficial.
COC insurance is often referred to as builders risk insurance because it protects construction property from financial losses due to fire, vandalism or theft. A COC policy usually reimburses costs associated with the repair of damages to property or structure. However, many policies include coverage limitations so, and it’s essential to understand what those limits are before filing a claim.
While any new construction project requires COC insurance, extra yet, optional supplemental coverages are available. These may cost more upfront but are still beneficial to the successful operation of your project. These add ons may reduce the costs associated with unexpected delays due to natural disasters or other weather-related storms such as flooding and windstorms. Some additional supplemental coverages include:
- Removal of debris and pollution
- Valuable records coverage
With a proper course of construction policy in place, you can ensure your next building project’s completion and reduce the possibility of additional financial hardship. This insurance coverage, along with liability coverage, secures the property from any potential loss or damage.