Deciding Who Pays for Severe Construction Damage

Contractors and those they work with face several liabilities with each job. There are many types of insurance policies that can apply to their duties, but there are only a few that offer coverage for the projects or buildings that are involved in an incident. COC insurance or course of construction is also known as the builder’s risk coverage. As the team at SB One Insurance Agency advises, contractors or owners should purchase this policy if they want to protect a construction project from risks associated with:

  • Theft
  • Vandalism
  • Fire
  • Flood
  • Unwelcome accidents

The Purpose of a COC

A course of construction policy is able to provide developers, general contractors, or owners peace of mind with their project. In the event of an incident that destroys or damages the building or structure, there is a guarantee of funds that can be used as the project is started over. A COC can cover several different parties, and although it can be obtained by either the owner, project manager, contractor, or engineer, it’s usually the contractor or owner that secure the policy.

With a COC policy, the named insureds are protected from having to pay for any losses at the job site out of their pockets. The insurance company provides the funds to the owner or contractor, making sure that the finances are there to finish the job in spite of the setback.

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How an Insurance Broker Can Help

Finding a specialty insurance broker can be important, depending on what type of insurance you are looking for. Discover what types of insurance this could include and why you would find these services helpful.

Types of Speciality Insurance Services

A specialty insurance broker can provide specific services that you might need help getting coverage for. These can include:

Education Insurance
Professional Liability
Medical Malpractice
Worker’s Compensation

Depending on what you need help with and what types of things you need to be covered, finding the right policy can make a difference in keeping your business protected from further problems, as seen on www.caitlin-morgan.com/.

How a Broker Can Help

A broker can make the process easier by helping you find the right insurance policies you are looking for, and narrowing them down. You can sort by price, or by what is covered until you find the right coverage you are looking for. A specialty insurance broker can take the guesswork out of the policy you are trying to find, and bring the policy to you. This can save you time from searching for what you need.

Choosing to Work With a Broker

Choosing to work with a broker can save you time. Your broker can help you locate specialty insurance policies that you are looking for, and then help you narrow down the right policy for you.

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