Variation Between Garage Keepers And Garage Liability Insurance

Garage insurance policy will always be a combination of business automobile cover form and general liability commercial cover form. This brings in the almost full coverage for a garage business. However, it is not considered sufficient in terms of full coverage for the policyholder. A garage business is exposed to risks that are associated with the products and services of the business operations. This makes it mandatory and efficient for a garage owner to purchase the relevant insurance cover for his or her business. Garage businesses are auto exposed in terms of owned, non owned and hired automobiles. Instead of taking out separate insurance covers for your business, you can purchase one policy that contains two types of coverages in a single form.

Section II Of The Garage Form (Garage Liability Insurance)

In this section, there are two liabilities which are covered and clearly defined by the form. The garage operations, that do not cover automobiles, and the garage operations that covers automobiles in terms of bodily harm and damage to property. In addition to this, pollution by the business operations are covered under this section for any loss suffered. However, this caters for automobiles only. In order to understand the coverage of garage liability insurance, you have to get the exact definition and what each clause or phrase means in terms of coverage.

The form defines garage operations as ownership, use of the location for garage business and anything else that joins the location, including the roads. It continues to expound on the same by including any type of operation necessary or incidental to the garage business. What is necessary for a garage business can be interpreted in a broad perspective. However, the underwriter of the same will be involved in determining what is necessary to your business and choose to include it in the policy for coverage or not.

Auto has also been defined as land motor vehicle, trailer/semi-trailer. This definition is broad in a big sense since it does not specify the type of vehicle or performance of the same. In that case, it can cover mobile equipment and also trailers and vehicle that use public roads.

To correct this ambiguity, there are symbols that expose the type of automobiles to be covered under this form. Symbol 30 spells out the coverage of client’s automobile which is left under the care of the policy holder. As a result, it will help bring in garage keepers insurance cover.

Symbol 31 will bring to light coverage of automobile for the dealers’ autos held for sale by trailer dealers or non- dealers, against physical damage.

The definition of terms of in this form continues with the definition of insured. Well, it states that insureds include the policyholder, users of the autos covered in the policy and anyone who is liable for the actions of the policyholder.

However, employees while using their own vehicles, owners of the hired vehicle, customers of the dealer and a partner using their own vehicle do not qualify as insureds. In that case, managers and legal experts are left out of the coverage in this form. They can, however, be added by endorsement of the same to provide full coverage for the ones left out.

The following will also be excluded from the policy form:

•    Intended or expected injury.

•    Contractual liability apart from the contracts of the insured.

•    Workers and employee compensation.

•    Leased automobiles.

•    Employer’s liability.

•    Pollution.

•    Liquor liability.

•    War.

•    Defective products, etc

Since garage liability is not as wide as commercial general liability insurance, endorsements are added to cater for the excluded covers which include:

•    Personal injury,

•    Advertising injury.

•    Legal liability,

•    Medical malpractice

•    Liquor liability non-owned watercraft, among others exclusions.

When such previously excluded items are included as part of the covered items, they become part of the policy.

As garage liability will cover injury, damage to property and pollution due to ownership and use of the covered automobile, you can break down the coverage under pollution. Coverage under this item will also incorporate any type of injury or damage to property due to:

•    Oil spill.

•    Fluids and lubricants.

•    Gases from exhaust pipes.

•    And other pollutants from the covered automobile.

This policy is meant to cover any form of bodily harm or damage of property as a result of the pollution by the covered vehicle. This includes the third party coverage in the event where the insured causes another automobile to spill oil or a pollutant in an accident.

Remember that pollution of goods or cargo in transit by the insured is not covered for the damage or loss of value by this insurance cover, even when the auto is covered in the form. Other exclusions will also apply in this policy and as such it limits the insured to a certain limit in terms of coverage. Luckily, you can bring in an additional insurance coverage to cater for such limitations. This is where garage keepers insurance cover comes into place.

Section III Of The Garage Form (Garage keepers)

Garage keepers policy will provide coverage for damages to a client’s vehicle. This falls under the legal liability of an insured. It is with this that garage keepers coverage will take care of exclusions mentioned in the garage insurance cover. This cover is thus important due to care, control and custody which are not part of the liability insurance cover.

Coverage for a client’s vehicle will include some items in order to cover for the damages. The customer must provide proof of negligence by the insured if the loss due to damage is to be covered under this form. It is with this that the clause of legal liability falls into place.

However, loss of goodwill can arise in the case where the customer fails to prove that the insured is negligent. As a result, compensation for the loss due to damage will not come to light.

To prevent this, you can purchase the following direct options to cater for such loss of goodwill:

•    Direct excess

In this coverage, liability is not regarded and as such the customer will be compensated for the loss of damage to their automobile. It involves coverage in excess of the coverage of the owner’s auto.

•    Direct primary

For this insurance option, the insurer will share the loss of damage with the insurer that is the auto owner’s insurance company. In this option, liability is not also regarded when it comes to compensating for the loss of damage of the vehicle of the client and this goodwill is not lost for the garage owner.

As the insured, you have to determine the limit of coverage in case the risk insured occurs. This can be difficult sometimes. Luckily, you can achieve this by multiplying the average value of autos under your care and the average number of autos under your care in a particular period of time. Although there is no penalty for underinsuring your business, you could miss out on adequate coverage in the case of a huge loss due to a certain calamity, like fire. In that case, you have to select a viable limit to help with sufficient compensation in case the risks covered occur.

Coverage under garage keepers will have deductibles as it comes to physical damage to the client’s vehicle. In that case, any malicious act that can cause damage to the vehicle of a client will be regarded as deductible when it comes to compensation. Also collision deductible will apply for each vehicle irrespective of how many they are.

Garage keepers insurance co9ver also has exclusions which come with the policy. These exclusions will include the following:

•    Theft by the policyholder.

•    Defective auto parts.

•    Loss due to sound receiving devices.

•    Loss due to sound producing devices.

•    Faulty work on the vehicle.

•    Devices that detect radar.

•    Loss due to tapes and records.

It is only advisable to purchase both garage liability insurance and garage keepers cover, for your garage business, in order to enjoy full coverage. However, before you proceed, get a clear understanding of what the two types of coverages entail and their scope.

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Differences Between Garage Keepers Insurance And Garage Insurance

The confusion between garage keepers insurance and garage insurance has not only been a problem to clients, but also to the insurance agents. However, there is a difference between these two insurance covers which comes out in terms of the risks covered and the dealership. It is thus important for both agents of insurance and the insured, to have a deeper understanding of the two insurance policies before they can sell or purchase either of the policies.

In general, it is known that garage liability insurance policy will cover bodily harm and damage to property. On the other hand, a mechanic will take out a garage keepers insurance cover that will protect him or her from physical damage of the client’s vehicle, due to business operations. Well, this is not a sufficient comparison of garage keepers and garage liability insurance policies. It falls deeper than this by critically understanding the definition of each phrase and word in the garage coverage form.

The real definition of garage keepers insurance and the garage liability insurance policies is contained in the garage coverage form CA 00 05 in section II and section III which covers garage liability and garage keepers, respectively.

Garage Liability Coverage (Section II)

Under this section, the coverage is divided into two parts, where one covers garage operations without including automobiles, while the other covers garage operations, including coverage of automobiles.

This policy focuses on covering damage of property and bodily harm as a result of garage business operations. The policy continues to explain what garage operations are and regards them as the ownership, use of automobiles and maintenance in terms of repair. Locations where garage business takes place is also defined as garage operations and included in the policy for coverage. However, the automobiles that qualify for coverage are outlined in Section I of the garage coverage form. Coverage for an auto dealer will protect both owned and non-owned automobiles that are used in the garage business operations.

In addition to that, the definition of the same includes a phrase, “catch-all”, meaning; garage operations will include operations necessary to the garage business. This automatically adds to the extent of coverage as it includes insuring carriers under the same coverage. Depending on the insurance carrier, he or she can regard or disregard items to be included in the policy as being necessary for the business operations or not.

The definition of automobile broadens the scoped with which the policy will cover. It defines automobile as a land motor vehicle, trailer and semitrailer. In that case, it does not spell out in writing that the automobile should be licensed or not, the number of wheels or whether it mobile or not, among other critical features. This means you can include any type of automobile to be covered by the policy.

There are exclusions that come with this section of the form. Exclusion 6 spells out exclusion of custody, care or control. In that case, it omits damage to property that is in the custody, control or care of the policy holder. The client’s vehicle under the care of a mechanic in the garage business will not be covered under this policy even when left for repair or storage. Remember that third party injury will be covered by the policy, but not the physical damage on the client’s vehicle due to the exclusion.

Garage Keepers Cover (Section III)

The garage keepers policy will supplement the garage liability insurance as it will cover physical damage to a client’s vehicle. It offers protection to the garage business for loss of damage to a client’s vehicle which was left in the care and control of the policyholder. Any operation that relates to repair, storage, parking or servicing the vehicle will count as garage operations as stated in this policy. Garage keepers try to make coverage sufficient by purchasing this insurance cover as it takes care of the exclusion in the garage liability insurance.

Different optional covers of garage keepers policy include:

Legal liability

This covers loss due to negligence of the policyholder. Physical damage to a client’s vehicle might result to negligence of a mechanic. This coverage will cater for such negligence. For example, if the car is physically damaged during a test drive.

Direct primary

Coverage for this option will protect the insured irrespective of the liability. It covers loss of damage due to no action of the policyholder. This includes loss of damage due to bad weather or theft, even though protection was sufficiently provided. The direct primary garage keepers cover will compensate for such loss.

Direct excess

It covers damage to a client’s vehicle irrespective of the liability. Although similar to direct primary, it is slightly different in the sense that, if the policyholder does not have liability, the policy will compensate in excess of another collectible policy.

Dealer Garage Liability Insurance And Garage Policy for the Car Dealer And Garage Keepers Insurance

This insurance covers the legal liability of auto dealers, repair shops, service stations and garages. Damage to property and bodily injury to third parties might be costly to cater for out of your pocket. However, you can take out a garage liability insurance cover to protect you from such loss of damage or injury. The package of coverage options under this insurance cover, include the following:

•    Damage of property and injury to persons – It will compensate for injuries and damage to property due to operations related to the garage. This I the most common coverage option for this insurance policy.

•    Garage keepers cover – It covers or caters for loss due to the damage of autos and property of the customers. It supplements coverage that is excluded from the damage of property and bodily injury to persons.

•    Garage owned automobiles – It compensates for the damage of garage owned automobiles.

•    Owned automobiles – It covers risks for claims which arise from ownership.

•    Hired automobiles – It covers vehicles that an employee or the owner, borrows or rents for business operations.

•    Non-owned automobiles – It covers employees, partners and household members, who are using the vehicle for business or personal purposes.

•    Temporary substitute automobiles – it offers protection when using another vehicle temporarily, as the owned vehicle is disabled.

•    Newly acquired automobiles – This covers newly purchased vehicles or additional vehicles in a particular period.

There are, however, optional covers which will give your business the needed full coverage. They include the following:

Broadened garage liability cover

This covers work in your auto shop in the case where the work causes an accident or physical damage to the vehicle of your customer. The insurance policy will pay for any losses that may arise.

Customer automobile actual loss sustained

This takes into account the actual loss on the damage of the vehicle of a customer without compensation being limited by the insurance cover. You can take out this insurance option together with business property insurance for sufficient coverage of your business.

Garage liability insurance policy

It covers legal liability of both franchised and non-franchised truck, motorcycle, trailer and automobile dealers. It covers bodily harm and damage to property due to operations related to the business. The insurance policy will state who is to be insured and the provisions of the limit, the policy will cover.

Business Insurance Quotes

Worthwhile business strategy should contain a backup for finding and buying insurance. With just as much attempt and priority as you’ve put in setting in the rest of the business and obtaining the operation below way, the very last thing you need to skimp on may be the insurance. Naturally, nevertheless, you don’t wish to pay more for this than you completely have in order to. Also, you need to be certain you’re obtaining the insurance that’s right for you personally. To do that efficiently, you have to determine exactly what coverage you really need, after which obtains several small business insurance quotes?

Your very first step is to examine your business’ dangers, which should be done with an insurance underwriter. This method consists of assembling an application, which the actual underwriter after that reviews to decide whether the actual risk-to-benefit factor is at the carrier’s purview. Based on the kind of business you’re running and also the inherent danger factors required, the insurance underwriter will create a premium along with a allowable. Usually, a higher allowable translates right into a lower high quality and vice versa.

It’s inside your best interest to obtain several small company insurance estimates before becoming a member of a plan, however. You might find that 1 company’s offer varies significantly through that associated with another company. This doesn’t imply that one company is attempting to “rip a person off” or even anything of this nature; it’s that various companies focus on diverse sorts of insurance and therefore are therefore sometimes capable of make a much better deliver.

Shopping around for top deal is merely the smart move to make. These times, small business quotes are simple to receive, thanks simply to the web. Many carriers deliver online quotes and many deliver a variety of details about their person policies as well as coverage choices.

One independent source you’ll wish to consider is the actual National Federation associated with Independent Companies which delivers a wide selection of helpful info regarding picking a plan, assessing your own company’s natural risk and assisting you identify exactly what type of insurance, and just how much of this, you have to keep your company safe ought to unforeseen conditions manifest on their own.

Once you’ve done just a little research-and this really is something which you should most definitely not skimp-it’s time to locate a reputable, certified agent. A great commercial insurance agent can offer additional estimates and can help a person refine your own insurance requirements and just be sure to have ignored any possible gaps inside your coverage. Finding the best broker could be a hit or even miss proposal, since the majority of do focus on commission and could therefore be enticed to sell a policy that could not exactly fit your requirements. Your greatest bet with this regard would be to do still a little more research on the internet; look with regard to reviews submitted about several diverse brokers and select the right from included in this.

Garage Dealers and Garage Dealer Insurance Coverage

There are different types of dealers that qualify for this type of insurance. This will help them to cater for the risks that threaten to shut down their businesses or even harm it financially. It will depend on the success of your dealership business when you take out a reliable insurance coverage. Such dealers include the following for auto dealers garage insurance and auto dealers garage liability insurance.

•    Used car dealers – They deal with sale of light trucks and private vehicles for passengers. The garage dealersinsurance coverage is suitable for their auto dealership business.

•    Truck and tractor dealers – It is suitable for dealers of used trucks and tractors for their major inventory or stock and liability exposure.  Auto dealers garage liability insurance, garage insurance policy, garage insurance company, garage liability insurance, and garage insurance cost are the issues that need to be dealt with diligently. You need an experience auto dealer insurance specialist agent to help you out. We are here to assist you with your used car dealer garage keepers insurance, used card dealer garage liability insurance, used car dealer open lot insurance also known as used car dealer physical damage insurance for the cars parked on the lot and other major types of coverages that may be added to car dealer insurance coverage.

•    Home motor dealers – They can be either franchised or non-franchised motor homes businesses.

•    Trailer dealers – Their major stock of sale are trailers. They can also be franchised or non-franchised. They comprise trailers for trucking operations and camper style trailers.

•    Motorcycle dealers – They can be franchised or non-franchised businesses dealing with sale of snowmobiles, golf carts and motorcycles, among others.

For the above dealers, they can take out the following coverage options of garage dealers insurance:

Garage Liability coverage

This will compensate for any damage of property or bodily harm that you are liable. This type of coverage is efficient as it covers damage or injury due to garage operations or due to damage as a result of use of an automobile covered in the insurance policy.

Garage Physical damage coverage

It covers physical damage to vehicles held as stock for sale. Also, it can cover for scheduled vehicles of customers which are under your care, control or custody.

Underinsured motorist (UIM) and uninsured motorist (UM)

Underinsured motorist coverage focuses on protecting the insured when they are injured by someone who has insufficient insurance to cover for the injury, while as uninsured motorist covers for injuries caused by a person who has no insurance coverage. Both insurance cover policies will be of great help in the case of an accident.

Medical payments coverage

It caters for medical expenses of passengers in a covered vehicle or anyone injured within your premises up to the limit in your policy. The cost of compensating for this might be high and thus cause a strain on you financially.

Garage keepers coverage

It compensates for damages of the vehicle of a customer in your custody for repair, storage, service or keeping safe.

Auto Repair ShopGarage and Garage Insurance Coverage

As a mechanic, you own a repair shop or a garage where you strive to satisfy your clients. Well, just like any other business, your business is faced with the problem of broken tail lights or fan belt among other risks. This can be harmful financially to your business as you will be required to cater for such damage to the vehicle of your client while vehicle in your care custody and control. Settling such costs from your pocket is not wise. Luckily, garage insurancepolicyand garagekeepers insurance has you coverage in terms of the risks associated with your auto repair shop and garage. You can concentrate on satisfying your customers in repairing their vehicles and keeping them on the road, in good condition. Accidents are inevitable while in a garage or repair auto shop. In that case, you need to take out a garage insurance coveragefor your business to cater for the unnecessary costs that pose risks to the success of your business.

Options available for garage and auto repair insurance

Under garage insurance, there is a package of garage insurance coverages that power the automotive repair and garage insurance coverage policies for mechanics. This provides garage liability insurance for facilities that repair trucks and automobiles. And to bridge the gap of their garage insurance coverage, they should examine their other garage insurance coverageoptions which are available to garage owners and auto repair shops.  Such customized insurance options include:

•    Garage keepers including garage keepers legal liability insurance coverage

Garage keeper insurancecoverages the physical damage of vehicles of your customers who have entrusted them to you. Here, there is an option to purchase coverage for physical damages that you are by law liable to or one that pays for any  damage irrespective of whether you are liable or not.

•    Garage liability insurance coverage

Garage liability insurance coveragecoverages liability for accidents in your garage that result to bodily harm and damage of property due to business related operations.

•    Building and personal business property must be purchased in addition to garage liability

It caters for coverage of buildings and personal property, in your business premises, like building and content.

•    Business income and extra expense coverage

It coverages loss of business income from cease of operations as a result of a coverage loss, and extra expense from the same.

•    Crime and fidelity coverageIt coverages dishonesty, fraud, robbery, burglary and embezzlement, from your employees and outsiders. This can result to loss of money or inventory which has adverse effects on the financial position of your business.

What is Umbrella Insurance Coverage?

Umbrella Liability Insurance Policy aka Umbrella Policies and Excess Liability Insurance Policies aka Excess Insurance Policies are different types of policy and yet are similar (sort of) in terms of coverage as they both extend the limit of liability insurance.

Being aware of what kind of policy you have is extremely important and it makes a big difference when it comes time to pay a claim in the event of a loss. Here we explore the umbrella insurance coverage. For explanation on excess liability insurance, please see “What is Excess Insurance Coverage.”

Umbrella Liability Insurance is a type of policy constructed to provide liability coverage above the policy underlying limit. Its primary purpose is to increase the limit of coverage substantially higher. There are instances that the cost of law suits and claims could be substantially higher than what a underlying/primary insurance policy affords. Hence purchasing umbrella insurance coverage provides additional buffer of protection in the event of catastrophic losses.

The umbrella coverage kicks in when primary limits have been used up to pay the claims and it may provide coverage for certain types of coverage that are not covered by primary policies. Adequate amount of insurance coverage is of outmost importance to your business well-being. A complete and thorough risk exposures analysis must be completed to ascertain the minimum liability insurance coverage needed to prevent the business to go to insolvency in case of a loss.

There are several types of umbrella insurance policies; commercial umbrella, personal umbrella, professional liability umbrella, workers compensation umbrella, directors and officers umbrella and a few others.

Commercial umbrella insurance policies are written above the commercial liability insurance policies (CGL), businessowners policy (BOP), business auto insurance policies (BAP), workers compensation insurance and other underlying policies limits.

Personal umbrella insurance policies are written above the personal liability insurance policies, personal auto insurance policies, personal watercraft insurance policies and other types of personal insurance.

Most insurance carriers do require a minimum amount of underlying insurance coverage (generally $1,000,000 limits of liability) prior to underwriting an umbrella insurance policy.

To protect your business against catastrophic losses, you must consider excess and umbrella insurance as part of your insurance coverage.

To obtain additional information or to purchase excess and umbrella insurance coverage, please contact Safepro Insurance Services at (888)411-7679 or send us email from our website

Valet Parking Insurance

Valet parking insurance covers the risks of damage to the vehicle of your customers. Valet parking business is faced with many risks. A customer will always leave his or her keys with one of your staff to park on their behalf. This car is prone to theft, damage through collision, or any other type of risk. You will be liable for any loss suffered due to damage or theft. This loss suffered, can be due to negligence on your part or your staff. As a result, you will be sued for any form of compensation. To curb this type of financial loss, you need to take out the valet parking insurance. This will guarantee protection of your customers’ vehicle. Vehicle under your custody means that you will be liable for any loss.

Failure to pay for such losses can lead to a major lawsuit on your part. This can take a major toll on your finances in trying to meet the costs of the lawsuits against your valet parking business. In addition to that, the customer’s vehicle can be involved in an accident where a third party or their property is destroyed. Valet parking insurance coverage will compensate for such losses. It also covers vandalism and any other malicious damage caused by the vehicle under your custody. Safepro understands these types of risk are not to be taken lightly. For that reason, it offers valet parking insurance for businesses involved in valet operations. Valet negligence can never be avoided, let alone predicted. In that case, you should ensure that such risks are covered to protect you from any type of lawsuits by your clients.

The success of a valet business or company is dependent on the quality of services you provide to your customers. A valet company that is constantly receiving lawsuits from its customers, due to negligence, will have a bad name. This insurance policy is customized to accommodate the risks that come with such kind of business. If you want your business to thrive and compete efficiently, in the current world of business, you need to take out this type o insurance. It covers the general liability, workers compensation and garage keepers. This means that it is a comprehensive liability insurance for your valet parking business.

Valet parking is designed to accommodate businesses that deal with services like shuttle services, special events like wedding, and parking lot, among others. It is important that you keep your premiums in check. This means that, you should automatically set premiums to a certain value that will not lead to a financial strain for your business. This can be achieved through setting the value of the deductible. There are restrictions that come with the valet parking insurance coverage. The insurer will pay for compensation if it is proven without doubt, that the loss suffered was due to their negligence. You should critically analyze the terms and conditions of the policy before taking out the insurance policy. This will go a long way in explaining in details the risks covered, and the restrictions put in place. To understand these terms better, consult your insurance broker.

Dealers Open Lot Insurance

This insurance policy covers risks of damage to the dealer’s equipment and vehicles. Dealers open lot insurance cover is a must have for any dealership business. Vehicles covered in this type of insurance involve the ones that are put on sale by the dealer.  This offers full protection against any loss due to the damage of the vehicles on sale. Private vehicles, SUV’s, minivans and pick-ups, among others are covered under this insurance coverage. The cost of damage suffered on the vehicles under sale can be too high for you to meet. Fortunately, with a dealers open lot insurance coverage, you will be able to efficiently meet the costs.

Safepro writes dealers open lot insurance cover for clients in the car dealership business. It has different insurance for businesses that deal with garage operations. This means that, you will get appropriate insurance options that best fit the needs of your business. It covers new, used, vehicles on service and demonstrators. This guarantees that the extent of coverage is distributed to your entire car dealership business. Dealers open lot insurance is specially designed for car dealers who want to maximize protection for their vehicles on sale. A liability insurance cover is not enough for your car business. To increase the level of coverage, you have to take out some additional coverage. This will contribute much in the success of your business.

Most insurance agencies have limited coverage in terms of the options of coverage they provide. With Safepro, this is not the case. We understand the nature of your business and the risk involved. We have accommodated different types of additional insurance covers for your car dealership business. This ensures that your business is fully protected from the major risks involved in the business. Different states have different requirements when taking out this type of insurance cover. In that case, you should talk to your insurance broker about these requirements. This includes the limits of the insurance cover, deductibles and the extent of coverage. This information can also be obtained from your insurance agency.

When taking out the dealers open lot insurance coverage, you should fill an inventory for the vehicles you have insured against. This includes the new, used and other types of vehicles. This will help the insurer to determine the amount of premiums you will pay for each category of vehicle you have insured. The status of the vehicle, in terms of performance, is also essential to note down. It should be noted that, if you give incorrect or exclude some essential information from the policy, the insurer might consider the insurance policy to be null and void. This means that, you will not receive compensation once the risk insured occurs. In that case, you should disclose all the relevant information on the vehicle you are insuring against.

Dealers open lot insurance complements the liability insurance coverage for your business. With these additional coverage, you will be able to run your car dealership business without having to worry about major financial losses, due damage of your vehicles on sale.

Builders Risk Insurance Policy

As a contractor, you will be assigned to build a particular structure within the specified period of time. The details will be available at the signing of the contract with the owner of the project. Builders risk insurance cover is essential for this type of project. It covers the risks that may occur during the construction process. It is also referred to as course of construction insurance policy. This is due to its ability to cover risks that come in the process of construction. Builders risk insurance policy comes with great benefits for the contractors. It provides full compensation for any type of financial loss that may be experienced at the course of the construction.

There are many risks that may arise during the construction process. They include risks like vandalism, fire and damage with malice. Construction sites are costly in terms of the construction materials required, the cost of labor and time spent on construction. This means that any contractor cannot afford not to take out the builders risk insurance cover for his or her project. This is due to the high cost suffered in case the risk occurred, which might be difficult, if not impossible, to meet. Accidents are hard to predict or prevent. In that case, this type of insurance policy will be of worth while in such a situation. It will restore your initial financial position and hence economical to take out.

Builders risk insurance policy comes with limitations to naturally occurring risks like floods and earthquakes. These perils are not covered in the insurance policy. In that case, any loss suffered as a result of such risks will not be compensated. It is therefore important to seek professional help before taking out such insurance policy. Safepro will provide you with the needed advice on what will be covered in the policy and what will be left out. This will help you, as a contractor to count your losses once a particular risk occurs. For contractors in areas where natural calamities like earthquakes are rare, builders risk insurance policy is the best cover to take out.

The value of builders risk insurance policy will depend on the cost of the project under construction, the frequency with which the risk covered under the policy occurs and the number of risks covered. In that case, before taking out this policy for your construction project, you should make sure that you carry out a thorough risk analysis of the entire project. This will help you to determine the value of the policy and hence the amount of premiums you will have to pay. In case you do not have adequate knowledge and skills on how to carry out such analysis, worry not as Safepro has you covered. It has experts who are knowledgeable in the field to offer the required assistance.

Builders risk insurance policy is the ideal tool for any contractor in the contracting business. With this kind of insurance cover, you will be able to carry on with your construction project without being worried about vandalism, fire or any sort of malicious destruction on your on going project.