Whether you’re a builder or buyer of
prefab metal buildings, there are a
number of insurance types and issues associated with getting
Building Insurance Quotes. From basic business insurance to all
risk (or builder’s risk) to bonding (yes, bonds are a type of insurance)
to owner’s metal building insurance, one must be aware of the advantages
and the downsides of each type of building insurance.
First and foremost, comparing insurance quotes is not about cost but
more for coverage. A very inexpensive insurance policy may not provide
the coverage that you need or desire. Make sure that you as owner have
the right insurance policy and that your contractor has the coverage
required to give you piece-of-mind.
Obviously, as owner or contractor, you want the contractor to have basic
business insurance. Business insurance covers general operating
occurrences. It can be a basic policy or have very comprehensive
coverage. Insurance quotes for this type can therefore be quite varied.
For the building owner, basic insurance covers the necessities. As a
contractor, you may want the comprehensive type.
Builder’s Risk Insurance
(or all risk insurance) is of importance
to the owner and contractor alike. This type of insurance is project
specific and can name the owner as one of the insured’s. If a fire
consumes a project under construction for example, this type of
insurance can provide protection for both the owner’s paid portion of
the project and the contractor’s materials and equipment. Builder’s Risk
can also cover damage to materials or equipment at the project site or
even in transit
Bid Bonds are insurance policies for owners. Contractors are
scrutinized carefully before an insurance company will provide a
quotation. Owners are protected with this type of insurance by ensuring
that bidders on their project will enter into a construction contract if
they are low bidder.
When a contract is entered into, the
Performance Bonds and the Labour
& Material Bonds can be required by the owner. Contractor will
provide these bonds as protection for the owner ensuring that the
contractor will complete the project, and that he will pay his suppliers
Once complete and turned over, the owner must then provide his own
building insurance. When getting metal building insurance quotes, make
sure to check for discounts on your insurance premiums for a
non-combustible building. You may be pleasantly surprised.
What to Do Next
-For more information on each type of insurance, follow the links
-Go to our
Metal Building Kits Articles Map for a
variety of informative articles packed with tips, tricks and ideas.