The MIABC now offers a Course of Construction (Builder’s Risk) Insurance Program, which insures construction projects against the risk of loss or liability arising during the building process.
While contractors and subcontractors are supposed to provide their own insurance, Course of Construction coverage provides peace of mind, ensuring all relevant coverage is in place for each project. Also, in the event of a claim, this type of policy eliminates finger-pointing as to which policy should respond. It can also save you money, as some contractors add administrative surcharges to the cost of obtaining their own coverage.
This program is available exclusively to MIABC members and covers the member as project owner, in addition to contractors and subcontractors (excluding professionals, who provide their own coverage). This insurance is compliant with the MMCD/CCDC contract templates.
For more information, contact Erica Shi.