Builder’s Risk Insurance

Builder's Risk Insurance is a specialized type of coverage that protects buildings and structures under construction against risks such as fire, theft, or severe weather. In the context of Marine Insurance Laws, it applies to construction projects that involve marine elements, like offshore facilities or shipbuilding. This insurance helps cover the costs of repairs or replacements if damage occurs during the construction phase. It also may cover materials, equipment, and even liability for accidents on the site, ensuring that builders and owners are financially protected throughout the project's duration.