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PTP Insurance
Agents of Naperville, IL, an independent insurance agency
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What is Builder's Risk Insurance?
 Builder's
risk insurance provides damage coverage for buildings under construction.
Builder's risk insurance is usually purchased by the building
owner unless the general contractor is contractually obligated
to buy it.
Why is Builder's Risk Insurance
necessary?
A building under construction
is considered property of the owner because it is located on
the owner's site. While the general contractor may be responsible
for damages caused by his negligence, he is not responsible for
most other types of losses. Builder's risk insurance indemnifies
the insured against some of these items. It usually covers losses
due to vandalism, fire, lightning, wind, and similar forces,
but not floods, earthquakes, acts of war, or intentional acts
of the owner. Also, if there is a construction loan obtained
for the build-out, the lending institution will require builder's
risk insurance to protect the funds lent to the borrower.
Builder's risk is one of the
various types of business insurances that must be considered
when beginning a new venture. Proper asset protection and liability
coverage can help prevent a business failure before it even gets
started. PTP Insurance Agents have been helping all sorts of
business owners in Naperville and surrounding areas for over
25 years. Get a good understanding of your risks and obligations
by contacting us today. Then allow us to work for you by helping
you get appropriate, affordable business insurance. |
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People
to People Insurance Services Inc. - 1240 Iroquois, Naperville, IL, DuPage County - Serving Chicagoland (630) 355-2355 |
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Naperville Illinois personal and commercial independent insurance agents, PTP Insurance Agency, serves clients throughout
the metropolitan Chicagoland area which includes Cook County, DuPage County, Kane County, Kendall County and Will County;
including, but not limited to, Naperville, Bolingbrook, Plainfield, Aurora, Batavia, Barrington, Berwyn,
Bedford Park, Bloomingdale, Brookfield, Burbank, Burr Ridge, Carol Stream, Chicago, Clarendon Hills, Countryside,
Darien, Downers Grove, Elgin, Elmhurst Glen Ellyn, Glendale Heights, Hickory Hills, Hoffman Estates, LaGrange,
LaGrange Park, Lemont, Lisle, Lockport, Lombard, Lyons, Mokena, Montgomery, Oak Brook, Oswego, Romeoville,
St Charles, Schaumburg, Shorewood, Sycamore, Warrenville,West Chicago, Westmont, Woodridge and Yorkville.
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