COMMERCIAL GENERAL LIABILITY
There are several different coverage's when it comes to Builders Risk Insurance.
There is a self directing General Contractor who is the property owner as well as the General Contractor. The property owner is not a General Contractor by trade but is for their own specific project. The property owner has chosen to run their own build and coordinate the project trades people. The Property owner will need general liability coverage as well as a Builders Risk insurance policy. The best solution is to have both coverages through one insurance company. Putting the coverages through the same coverage will reduce the opportunity for gaps in coverage.
Project specific general liability
Project specific General Liability Coverage offers liability coverage for your project site during your project build. This can be short term or a one year policy. The policy is project specific which means it only just covers the location of the build and no other. The policy will cover against third-party property damage and third-party bodily injury. Project Specific Builders Risk insurance will extend to cover Premise Liability exposure and also acts as an extra layer of protection if a sub contractor does not have an adequate insurance limit on their coverage (ie a portion of their limit amount has been used on a previous claim).
Self General Contractor: Property owner acting as the General Contractor of their own build will need General Liability and Builders Risk.
Property owner hires a contractor: Will need Builders Risk and a form of Premise Liability Coverage.
A Contractor who is hired on behalf of property owner: Will need Builders risk and ensure the client has a premise liability coverage in place.