What is typically covered by an All-Risk Builder's Risk Insurance policy?

An All-Risk Builder's Risk Insurance policy is specifically designed to cover a wide range of risks associated with new construction projects. This type of insurance typically provides protection against loss or damage to buildings while they are being constructed, including various scenarios such as accidents, damage from weather events, vandalism, and unexpected challenges that occur during the building process.

The term "All-Risk" indicates that the policy covers almost all unforeseen events except for those explicitly excluded. This means that builders and contractors can have peace of mind knowing they are protected against a broad suite of potential liabilities, which is crucial in the construction industry where many variables are often beyond the control of the contractor.

In contrast, personal injury claims are typically addressed through liability insurance rather than builder's risk insurance, and theft, while potentially covered under certain circumstances, does not encapsulate the full range of risks. Additionally, standard property loss would not reflect the specific and broad coverage intended by an All-Risk policy tailored for construction projects. Thus, understanding the comprehensive nature of what's included in an All-Risk Builder's Risk Insurance policy is essential for anyone involved in construction to adequately prepare for potential liabilities.