Builders risk coverage is written for a minimum one year term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs.

Policy inception should begin no later than the date that construction “starts above the level of the lowest basement floor” or, if there is no basement, the date construction begins.

The amount of coverage is based on the value of the building upon completion (including the value of permanent fixtures and decorations).   Insurance on that value is provided from the outset of construction until coverage ceases.