Your Insurance Questions Answered

Notify your insurer immediately, document the damage with photos or videos, provide an inventory of lost or damaged items, and cooperate with the adjuster's assessment.

It's the amount you pay out of pocket before the insurance coverage pays for a covered loss.

All parties with a financial interest in the project, such as the owner, contractor, and subcontractors, should be named insureds.

Generally, yes. Premiums are considered a business expense and can be deducted from your taxable income.

Coverage typically lasts for the duration of the project, from the start of construction until completion or occupancy.

Property owners, contractors, developers, and others with a financial interest in a construction project should consider this coverage.

Exclusions often include earthquakes, floods, employee theft, war, government actions, and contract penalties.

It covers the structure under construction, materials on-site, in transit, or stored off-site, and sometimes soft costs like lost sales or additional interest expenses due to delays.

Covered perils may include fire, wind, theft, vandalism, and lightning. Coverage varies by policy.

Yes, policies can often be extended, but you must request an extension before the policy expires.

Higher property values and replacement costs typically result in higher premiums due to the increased potential payout.

Generally, it doesn't cover contractor's tools and equipment; separate inland marine policies may be needed.

Builder's risk covers property damage to the project itself, while general liability covers third-party injuries or property damage resulting from your operations.

Report the loss to your insurer promptly, document the damage, provide relevant project details, and cooperate with the claims process.

Yes, it's recommended for significant renovations or additions to protect against potential losses during construction.

Coverage for floods or earthquakes is usually excluded but can sometimes be added by endorsement or through separate policies.

Employee theft is typically excluded; you may need a separate fidelity bond or crime policy for this coverage.

It covers damage that occurs during the testing of building systems, like HVAC or electrical systems.

Any business that handles sensitive data, conducts online transactions, or relies on digital systems should consider this coverage.

Yes, policies often cover ransomware incidents, including ransom payments (where legal) and costs to restore data.

Builder's risk is temporary coverage during construction, while permanent property insurance covers the completed building once occupied.

Cyber liability insurance protects businesses against losses from cyber attacks, data breaches, and other cyber-related incidents.

First-Party Coverage: Covers your business's own losses. Third-Party Coverage: Covers claims against your business by others affected by a cyber incident.

It covers costs related to data breaches, such as notification expenses, legal fees, forensic investigations, public relations, and liability claims from affected parties.