Insurance term
Builders Risk Insurance
Builders risk insurance is a type of property insurance that helps cover buildings and structures while they are under construction, renovation, or repair. It may also cover materials, equipment, and supplies used for the project if they are damaged by a covered loss such as fire, wind, or theft.
Example
A contractor building a new home buys builders risk insurance to help protect the structure and on-site materials if a windstorm damages the project.
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