Project Insurance (Builders Risk)

Builders risk insurance for condominiums is a distinct category of property insurance crafted for buildings undergoing renovation or rehabilitation. This coverage is vital in safeguarding the financial interests of the condominium association or individual unit owners against a spectrum of risks throughout the renovation process. The primary property insurance of the association might not extend coverage to the risks associated with the project. Furthermore, the builders risk policy offers the flexibility to include contractors as additional insured parties specifically for the project, ensuring comprehensive protection under the policy.