When you are in the middle of a project, it is likely you will provide materials or labor you have not yet been paid for. When a loss occurs will you get paid for it?
What happens if there is a fire, windstorm, theft, etc during the completion of the work you have been hired to perform?
In some situations, such as when you are working on new construction for a bulder or general contractor, the project is normally insured under a builder's risk policy. If a builder's risk policy exists your materials and labour will be covered regardless of the stage of completion. Any material or labour that you have invested in the project will be insured. You can check to make sure this is the case with any project you work on.
However, if you are working on an existing structure for a homeowner, building owner, farmer, or other individual, you may find there is no coverage in place under a builder's risk policy. This means that your materials or labour are not likely insured. Should a loss occur before you finish your project you stand to lose what you have invested to that point.
If you have hired sub contractors to help you complete the work you are likely going to be required to pay for any work they have completed.
This is the purpose of an installation floater. It acts as builder's risk policy. Anytime you are working a project where a builder's risk policy is not provided your "installation floater" will protect you up the limit of the coverage on your policy.
An installation floater, in escense, a builders risk policy.
Clarke Insurance knows Contractor's Insurance
Phone 306-821-1620
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