This course—Property Insurance for Contractors—examines the coverage provided by three types of property insurance policies: commercial property policies, builders risk policies, and contractors equipment policies.

Commercial property policies provide insurance on existing buildings and their contents. The contractor purchases this type of policy to respond to loss or damage in connection with its own facilities. Builders risk policies provide insurance on property being constructed, installed, altered, or repaired. The builders risk policy for each project may be purchased by either the contractor or the project owner. Contractors equipment policies provide insurance on the mobile equipment that is used in construction activities. They are purchased by the contractor as the owner (or lessor) of the equipment. The course also briefly overviews two other types of property insurance policies that contractors may need: commercial crime policy and equipment breakdown policy.

Upon completion, students will be able to:

• recognize the key property loss exposures that contractors face and identify the type of insurance policy that addresses each of these loss exposures;
• recognize the types of property that are covered and excluded from coverage, what locations are covered, and other key direct damage policy provisions under a commercial property policy;
• distinguish between commercial property insurance and builders risk insurance and identify the advantages of insuring property under construction under a builders risk policy; 
• recognize the types of property that are typically covered and excluded from coverage under a contractors equipment policy, distinguish between blanket and scheduled contractors equipment, and identify the exclusions and limitations that are found in most all risks contractors equipment policies;