Definitions for "Builders Risk"
1) A building or a ship in the course of construction. 2) A special form dealing with the unique loss exposure of property under construction.
A form of insurance that indemnifies an insured for damage to a building under construction.
A property insurance policy that provides direct damage coverage on buildings or structures while they are under construction. It also covers foundations, fixtures, machinery, and equipment used to service the building, and materials and supplies used in the course of construction.
covers structures being built, temporary structures at the building site, and building materials that have not yet become part of the building while on the insured location, in transit, or in storage at another location.