![]() Homeowner Harry will purchase the policy for himself.So how does this work out for Homeowner Harry and Developer Darby? Any contractors or subcontractors that are working on the project.You should name anyone financially invested in the construction or renovation in the BR policy. When buying BR insurance, the purchaser also needs to make sure that all relevant parties are named insureds. In most cases, this person will be the homeowner or general contractor. ![]() The people with the largest financial interest in this property should be the ones to shoulder the costs of the BR insurance. They also need to consider who among the owners, lenders, and contractors will need to pay for the policy and who needs to be covered. Purchasers of Builder’s Risk insurance coverage need to think about more than just the cost of the policy. Who Pays For Builders Risk Insurance and Who Should Be Insured? Result: Darby’s insurance broker runs the numbers and offers her a BR insurance quote for around $30,000 a year.
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