Builder’s risk insurance, also known as builder’s risk or construction risk insurance, is a specialised type of property insurance that provides financial protection during a construction project. It covers buildings and structures that are under construction or renovation, along with materials, fixtures, and equipment used on-site.
The builders risk insurance definition includes protection against perils such as fire, theft, vandalism, wind, and sometimes water damage. This insurance is critical for contractors, builders, property developers, and even homeowners undertaking a large renovation.
