Why Ipe Woods Recommends Contractors Have Policies to Protect Them and/or Their Customers
Here is a topic that should be at the top of everyone’s list when doing any major project. What is Builders Risk Insurance? Builders Risk Insurance covers your residential or commercial, renovation, or new build, from start to finish. Some of the coverages included are fire, theft of materials, vandalism, and damage to materials in transit. Depending on the property’s location, storm damage, wind, hail, lightning, and high winds can also be covered.
You may ask why this insurance would be necessary if their general contractor carries insurance. The reason is that the general contractor’s insurance only covers damages due to their work, not the materials or the individual structure/project under construction. We make this recommendation to help ensure the materials we provide are ensured from these types of issues. These policies are on a per-project/location basis and provide added protection for your project, property, and financial investment.
We recommend New Republic Insurance Services as they are also the company we use. They have promised to give all Ipe Woods USA customers a quick and easy quote that will protect your project for the duration of construction. Most carrier policies can be quoted and started the same day, with the insured receiving proof of insurance within an hour. They specialize in harder-to-place risks, partially completed projects, and high-value projects/properties.
As many of our customers are high net-worth individuals and large companies that can not risk significant delays and just don’t want the potential of having problems on a job site, this is a great way to have peace of mind on a project.
New Republic Insurance Services will work with homeowners, property investors/developers, and contractors. New Republic Insurance Services can provide builders’ risk insurance policies in all 50 states. You can reach them at 818-564-4068 or go to https://newrepublicinc.com for a quote.
Please note: This topic is covered due to issues we have seen customers have in the past. This is a great way to ensure your project is successful. We have seen everything from theft of our Ipe and other hardwoods to contractors having life events that prohibited them from working and caused severely delayed projects.
We receive no compensation for this referral, information is only for the benefit of our customers.