TAPCO Underwriters, Inc. / TAPCO Insurance Services is a surplus and excess lines MGA specializing in commercial insurance. They are committed to providing fast, accurate and excellent service using state-of-the-art technology.
TAPCO is one of the largest underwriters of builders’ risk coverage, including offshore risks. This scheme is available for commercial and residential properties.
If you have additional questions or would like to obtain a policy, please call us at 877-960-0221 or click HERE for more information on Builders Risk Insurance. We have one goal: to provide first-class customer service and the best prices.
Best Construction Insurance Companies
We work with over 15 carriers to find the best coverage and rates in all 50 US states.
By covering all 50 states, we know how to tailor each plan specifically to your business needs and location. As you can see in our Builders Risk Insurance FAQ, we know how it works and are confident we can help.
John has over 25 years of experience in the insurance industry. He grew from a prominent insurance producer to the owner of one of the largest agencies in the country; Reference in contractor insurance, commercial insurance and construction risk insurance. Construction risk insurance and construction insurance are the same policy, just with different titles. These are property policies that protect structures during construction and renovation projects.
Prices below do not include wind insurance for buildings within 50 miles of the coast. If your property is within 50 miles of the coast, please send it and we will email you the exact price.
Must Know Facts About Builders Risk Insurance
The cost of the bond ranges from 1-4% of the total construction cost. However, the fee depends significantly on the coverage required and the exclusions of the policy.
Therefore, finding a stable insurance company is essential because they speed up the claim process and help the insured manage these claims during construction.
Coverage for a new construction project may include site preparation, earthworks, foundations, pipes and temporary structures (such as scaffolding).
Many builders’ risk policies provide cash value coverage for existing buildings; Replacement cost coverage can increase the cost of the policy.
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Materials such as furniture, tools and equipment can be covered under a builder’s risk insurance policy. The materials used in the project can directly affect the cost of the overall policy. For example, bond costs are likely to increase if the contractor uses premium building materials and performs custom installation.
Additional builders risk insurance/construction lockout coverage can protect materials that are still in transit, meaning they have not yet arrived at the project site, or materials that are stored off-site. This additional coverage is important if the accident occurs off-site; For example, a fire breaks out in the warehouse or your material delivery truck crashes. This additional coverage is included in your total policy cost.
The average cost of builders risk insurance varies widely depending on the project. Prices vary depending on the type and size of the project, such as whether the building is under construction or remodeling, or whether it is residential or commercial.
Homeowners builder’s risk insurance has different coverage limits and is therefore priced differently than commercial policies. In addition, homeowner’s builder’s risk insurance may contain special coverage exclusions that are necessary for home construction insurance but not found in commercial construction insurance. For this reason, be sure to ask your insurer to discuss the differences with you before signing any policy.
The Best Builder’s Risk Insurance (prices September 2023)
A project under construction involves many potential risks; This includes (but is not limited to) fire, high wind damage, theft and vandalism. Construction risk insurance covers many of these events. Standard coverage and exclusions include:
The general contractor should note that subcontractors must have their own insurance and that tools and equipment are not insured.
A Builder’s construction course/casualty insurance policy typically covers all participants in the project, including contractors, subcontractors, project owners, and anyone financially involved in the project.
Anyone considering a long-term or short-term construction project should investigate whether builder’s risk insurance is necessary to complete the project.
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Building owners or lenders of projects/properties under construction often require a builders hazard insurance/construction insurance course.
Insuring with a builder’s risk policy is the best way to maximize coverage and protect your assets in the event of property damage, bodily injury, theft or related incidents.
There are many insurance and coverage factors to consider when looking to insure a renovation project versus a new construction project.
For renovation projects, the policy usually only covers the restoration period. The builder’s risk policy can be designed to cover only the costs of the renovation or the cost of the renovation and the existing building together. If the builder’s risk policy is not specifically tailored, problems with the building or renovation may arise. That’s why it’s important to make sure.
