NY 516-204-7223 PA 570-800-2007 NM 505-225-3800 ☰ ˟
Logo
Our Carriers Call or Text Us:
NY 516-204-7223 |PA 570-800-2007
NM 505-225-3800
  • Our Agency
    • AboutImage of right arrow
      • Testimonials
      • Employee Directory
      • Location(s)
    • Blog
    • Carriers
    • Switching Insurance Companies
    • Discounts
  • Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Collision Coverage
      • Liability Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection
      • Rental Reimbursement
      • Uninsured and Underinsured Motorist
      • Vanishing Deductible
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Mortgage Protection
      • Scheduled Property Insurance
      • Landlord Insurance
      • Condo Insurance
      • Property Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Group Life
      • Long Term Care
      • Second-To-Die Policy
      • Medical Payments Coverage
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Other Personal Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Liquor Liability Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Non Profit Insurance
      • Nursing Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Fidelity Bonds
      • Inland Marine Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Small Business Insurance
      • Small Business Liability Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
  • Get a Quote
    • Auto Insurance
    • Home Insurance
    • Business InsuranceImage of right arrow
      • Commercial Auto
      • General Liability
      • Commercial Umbrella
    • Life Insurance
    • Umbrella Insurance
    • Motorcycle Insurance
  • Contact Us
    • Contact Us
    • Location(s)
    • Refer a Friend
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Health Icon

Umbrella

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
RV & Boat Icon

Motorcycle

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Commercial-Products > Coverage-For-Specific-Industries > Builders Risk Insurance - Bethpage NY & Levittown NY - The James V Funaro Agency

Builder's Risk Insurance in Bethpage NY & Levittown NY

What is Builder's Risk Insurance?

Existing buildings are exposed to a wide variety of threats—fire, flooding, and vandalism are just a few of the ways building structures can be harmed. However, buildings under construction aren't ready to face risks that completed buildings can withstand. There's also the chance of an accident during the construction phase, like materials being destroyed or installed incorrectly. A proper risk analysis from our The James V Funaro Agency agents can help reduce the number of threats a new construction faces, and our agents can help reveal additional threats that may need to be covered by additional policies.

Builder's risk insurance is a policy designed to mitigate the chance of loss and protect you in the event that damage is done to the building. This policy is most commonly purchased by landowners and those funding the project, although some contractors purchase it in order to have more control over how each job is insured.

This policy is mainly designed for new construction, rather than changes and improvements to existing buildings. That form of construction is usually covered by property insurance and does not need any additional coverage, although it's best to talk with an agent before starting any particularly large project just to be absolutely sure it's covered.

What Does Builder's Risk Insurance Cover? What Does It Not Cover?

Builder's Risk Insurance generally covers the owner, the lending institution, the contractor(s) performing the work, and other related parties. In addition to providing coverage for damage to the building itself, most plans also cover temporary constructs (like scaffolding), materials, and equipment being used (whether it's currently on-site or off-site). The majority of policies are written on an all-perils basis, which means that reimbursements are available for any losses except those specifically excluded.

Common exclusions from this coverage include (but are not limited to):

  • The value of the land itself
  • Employee theft
  • Damages beyond the estimated value of the construction
  • Any losses brought by law or ordinance changes
  • Damage from earthquakes
  • Losses from war, nuclear hazards, or actions by civil authority

As you can see, most of the exclusions are not likely to occur during the course of a normal construction project. The value of the land is the only one likely to change as new work is done, and you will likely need to account for any improvements or losses the next time your company prepares taxes.

Builder's Risk Insurance Policy Lengths

Most policies last until the building is no longer under construction. The exact point at which this occurs can vary—it may be when certain parts of the structure are done (but finishing work, like painting, has not been completed), up to the day it opens for business, or when the contract with the construction company ends. If you're worried about interim risks—like the building being damaged between when construction finishes and when it opens for business—talk to one of our agents and ask about extending your coverage.

 

1. "Threat/Vulnerability Assessments and Risk Analysis." WBDG. Accessed April 20, 2016. https://www.wbdg.org/resources/riskanalysis.php.

2. "Who Should Buy Builder’s Risk Insurance?" BuildingAdvisor. Accessed April 20, 2016. http://buildingadvisor.com/who-should-buy-builders-risk-insurance/.

3. "How Do I Account for Land improvements?" Questions & Answers - AccountingTools. Accessed April 20, 2016. http://www.accountingtools.com/questions-and-answers/how-do-i-account-for-land-improvements.html.

Contact Us Today!
516-204-7223 505-225-3800

Social Social

Resources

  • Get a Quote
  • Our Carriers
  • About Us
  • Refer A Friend
  • Contact Us
  • BBB accredited business A+ accredited since 5/28/2019 years in business 8

Contact Us

4230 Hempstead Tpke, Ste 104 | Bethpage, NY 11714
P: 516-204-7223 | P: 505-225-3800 | Fx: 516-200-4045
Licensed in NY,PA and NM © Copyright. All rights reserved. | Powered by Insurance Website Builder