Covered Property (Builder's Risk Coverage)

Covered property (for which a limit of insurance must be shown in the declarations) includes the building or structure “while in the course of construction,” and extends to foundations and certain items of property intended to become a permanent part of the building while located in, on, or within 100 feet of the described premises. Such items include fixtures, machinery and equipment to service the building, as well as building materials and supplies owned by the insured. (See the theft coverage limitation, below, that applies to building materials and supplies.) In addition, if temporary structures that are built or assembled on site are not covered by other insurance, they are considered covered property. Temporary structures include cribbing, scaffolding, and construction forms.