Builder’s Risk Plus® Renovation Project
With the escalating costs of new construction, many existing buildings of heavy construction are being converted to condos, lofts and apartments. Renovations present a special risk to builders and contractors and we're here to protect your client's investment in these unique projects.
Existing buildings are covered for their functional value with no coinsurance requirement. We cover new work at replacement cost, including the contractor’s reasonable profit and overhead.
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Optional coverages include:
- Inflation protection
- Change order coverage
- Building machinery and equipment breakdown/testing
- Soft costs and rental value loss
- Removal expense
- Extra expense