Building a new property or renovating an existing one? Let RDA protect your investment with a Builder’s Risk policy. From the ground up, Builder’s Risk coverage indemnifies for loss of, or damage to, a building under construction. Insurance is normally written for a specified amount on the building and applies only during the course of construction. Customarily, coverage is extended to include fire, extended coverage, vandalism and malicious mischief. Builder’s Risk coverage can be extended to include coverage for items in transit to the construction site (up to a certain percentage of value) and for items stored at the site.
For buildings undergoing renovation, several types of policies are available. Policies can be obtained to cover the value of the rehabilitation work and the existing building, and also to protect the building owner/tenant who hired the General Contractor to perform the renovation.