At PJO Insurance Brokerage in Nevada, we feel that it is highly important that this type of insurance coverage be purchased well before the construction project begins. The very last thing you want to discover after you suffer fire damage, theft, or some other development that will cost your company substantial amounts of money is that there was no coverage acquired to cover the project, and now the repair or replacement costs will come out of your pocket. We advise our clients to follow one rule: before you start either a commercial or residential construction project, make absolutely sure that either the property owner or the general contractor purchases a Las Vegas/Clark County, NV Builder’s Risk Insurance Policy, so the project will be covered, and there won’t be any surprises if something should happen.
In purchasing Las Vegas/Clark County, NV Builder’s Risk Insurance Coverage, the policy will contain a maximum payout of the coverage limit which is stated in the policy. It’s very important that when planning your project to keep in mind the following items in determining what the value of the builder’s risk policy needs to be: overhead, labor and material costs, but not the cost of the land. Also, when determining your final figure, ask yourself , what would it cost to start this project over again from the beginning. A Builder’s Risk Insurance policy can be written for a three month, six month, or twelve month cycle. If the project is going to take longer than 12 months, you can purchase a longer term policy, which, generally, can be extended once if it needs to be.