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