Building property insurance often involves special considerations. It's essential for insurance agents to work with an experienced wholesale carrier so that all the needs of a client can be covered.
Vacant property insurance is one special area of building coverage that agents must be ready to address. This type of property is defined by that which has no items related to living and is not in use. Vacant locations may be confused with unoccupied property where the owner has some intent of using it. Like general property insurance, these locations must have an insurance policy to protect against both man-made and natural disasters, including fire, water and other damaging events.
Building Property Insurance Covers Work and Renovations
Builders' risk is another area of property insurance that needs to be considered when a vacant or unoccupied location is being modified by contractors. In addition to general liability coverage, the contractors' equipment, materials and machinery should be covered. Due to the transportation factor of construction work, these items must be insured while at the work location, in transit or at a temporary storage location. For these reasons, this insurance policy can involve inland marine coverage.
Agents who sell building property insurance need to work with experienced carriers who know the risks of property and contractor work. While some companies may fit into package coverage, others will require a customized approach. Adco General is an independent wholesale broker that specializes in contractor coverage and liability for Colorado and the surrounding area. Email the company with a client's insurance needs and inquiries.
