Builder’s Risk Clause Samples
The Builder’s Risk clause establishes insurance coverage for construction projects, protecting against damage or loss to buildings and materials during the course of construction. Typically, this clause requires the contractor or owner to obtain a policy that covers perils such as fire, theft, vandalism, or weather-related incidents affecting the work site, equipment, and materials. Its core function is to allocate risk and ensure that financial losses from unforeseen events during construction are covered, thereby safeguarding both the project’s progress and the interests of all parties involved.
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Builder’s Risk. (Course of Construction) insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions.
Builder’s Risk. The Contractor shall purchase Builder’s Risk insurance upon the entire Work at the Project Site to the full value of the Contract Sum of the new improvements thereof. This insurance shall include the interests of APS, Subcontractors and Sub-Subcontractors in the Work, and shall insure against all risks of loss, except for exclusions included in the Certificate of Insurance and approved by Owner. This insurance shall include coverage for the following:
a) Loss by explosion of boilers during testing (any exclusion applicable to such loss shall be waived).
b) Partial or complete occupancy by the Owner (any exclusion applicable to occupancy shall be removed).
c) Loss without coinsurance penalty (coinsurance or similar "insurance to value" requirements shall be eliminated).
d) Coverage of property in transit and unscheduled locations sufficient in limits to adequately cover maximum anticipated values at risk.
e) Coverage of Contractor's labor, overhead and profit.
f) Coverage of materials stored or installed on the Project Site, until said materials are accepted by the Owner per Substantial Completion and Acceptance requirements. Payment by Owner for materials stored or installed on the Project Site does not eliminate Contractor's responsibility or liability with regards to theft and vandalism or other damage.
Builder’s Risk. During any period of construction or Restoration, builder’s risk Insurance (including fire and other perils within the scope of a policy known as “Causes of Loss – Special Form” or “All Risk” policy) in an amount not less than the sum of the related contractual arrangements.
Builder’s Risk. The Developer shall provide insurance covering interests of the City, the Developer, and sub-contractor(s) in the work. Builders Risk insurance shall be on a all-risk policy form and shall insure against the perils of fire and extended coverage and physical loss or damage including flood and earthquake, theft, vandalism, malicious mischief, collapse, temporary buildings and debris removal. This Builders Risk insurance covering the work will have a deductible of at least $5,000 for each occurrence, which will be the responsibility of the Developer. Higher deductibles for flood and earthquake perils may be accepted by the City upon written request by the Developer and written acceptance by the City. Any increased deductibles accepted by the City will remain the responsibility of the Developer. The Builders Risk insurance shall be maintained until final acceptance of the work by the City. All sub-contractors shall be covered under the general Developer’s builder’s risk policy or shall provide proof or their own Builders Risk Policy. Builders Risk insurance shall be written in the amount of the completed value of the project with no coinsurance provisions. All subcontractors shall be covered under the general Developer’s Builder’s Risk policy or shall provide proof of their own Builders Risk Policy.
Builder’s Risk. At the discretion of the City, the Contractor, at its cost, shall obtain and maintain in the names of the City and the Contractor "all- risk" builders risk insurance (if approved by the City) upon the entire structure or structures on which the Work of this Contract is to be done and upon all material in or adjacent thereto or those that are “off-site” but which are intended for use thereon, to one hundred percent (100%) of the completed value thereof.
Builder’s Risk. 10.3.1 Owner will purchase and maintain Builder’s Risk property insurance written on an “all-risk” or “special form” basis with Design-Builder and Specialty Trade Contractors of every tier included as named insureds. Such Builder’s Risk insurance shall be in the amount of the Contract Price, plus Washington State Sales Tax, including all Change Orders for the Work on a replacement cost basis excluding earthquake and flood coverage until Substantial Completion. Design-Builder will pay for the first $5,000 of the policy deductible. The Owner will be responsible for losses to the Work due to Earth Movement and Flood if coverage is not provided under the Builder’s Risk policy.
Builder’s Risk additional provisions The insurance specified shall be maintained in force until final acceptance of the project by the State.
(5) Umbrella Excess Liability Policies may be used in conjunction with primary policies to comply with any of the limit requirements specified above.
(6) Claims-made" coverage forms are not acceptable without the express written prior consent of the State. Each policy furnished shall contain a rider or non-cancellation clause reading in substance as follows: Anything herein to the contrary notwithstanding, notice of any cancellation, termination or alteration to the insurance contracts must be delivered by registered mail to the Commissioner, Department of Buildings and General Services, State of Vermont, Montpelier, Vermont, at least 60 days before effective cancellation, termination or alteration date unless all work required to be performed under the terms of the Contract is satisfactorily completed as evidenced by the formal acceptance by the State of Vermont.
(7) No warranty is made that the coverages and limits listed herein are adequate to cover and protect the interests of the Contractor for the Contractor’s operations. These are solely minimums that have been set to protect the interests of the State.
11.3 The State shall have power to adjust and settle any loss with the insurers.
Builder’s Risk. During construction work on the Property, Tenant shall procure and pay for a Builders Risk related to the contemplated construction activities reasonably acceptable to Landlord. Landlord shall be named as a loss payee with respect to its interest in the Property during construction.
Builder’s Risk. During the term of this Contract, for new construction the Contractor shall obtain and keep in effect Builder's Risk insurance on an all risk form, including earthquake and flood, for an amount equal to the full amount of the Contract. Any deductible shall not exceed $50,000 for each loss, except the earthquake and flood deductible shall not exceed 2 percent of each loss or $50,000, whichever is more. The policy will include as loss payees the Owner, the Contractor and its Subcontractors as their interests may appear.
Builder’s Risk. During any period of construction or Restoration, Borrower will maintain builder’s risk Insurance, including fire and other perils within the scope of a policy known as “Causes of Loss – Special Form” or “All Risk” policy.