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List of Construction Insurance

Required Construction Insurance

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Construction insurances are required on every single construction project. Construction insurances can provide coverage for material, risks, natural disasters, employees and even your own business. However, the insurance industry along with the construction industray are always looking to comprehend and provide the latest coverage on every single and unique situation. Here you will find the most common insurances used in the construction industry.

1. Liability Insurance

Liability

Liability insurance will protect contractors, home builders and remodelers against injuries, accidents or property damage suffer on the job

2. Builder's Risk Insurance

The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value).

3. Performance Bond

performance bond

A performance bond is usually issued by a bank or an insurance company, both of which act as a “surety.”

4. Hold Harmless Agreement

Hold Harmless

The Hold Harmless agreement is commonly provided by the subcontractor to the contractor, builder, or others related professionals insuring against all work being executed by the subcontractor.

5. Bid Bond Surety

bid bond
A bid bond is important to show proof of guarantee to the project owner that you can comply with the bid contract and also that you can accomplish the job as laid out in the contract.

6. Flood Insurance

Flood Insurance

Flood insurances typically have a queue of 30 days, before entering its coverage period, to avoid insurance solicitations only when a flood event is expected.

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