As a contractor, you know that unexpected incidents like fires, theft, and flooding are hazards of the job. However, an accident like this on a construction site can bring major losses and set your project back weeks … or even months. Worse, all of this could take a serious financial toll.
When damage is incurred on a construction site, your builders risk insurance can help offset the costs and get you back on your feet.
Make sure you know how to file a builders risk claim properly you so that you can get back to work as quickly as possible if an accident happens on your project site.
Everything You Need to Know to File a Builders Risk Insurance Claim
Before you file a builders risk claim, make sure your policy will cover the incident in question. The best way to do this is to review your policy thoroughly. If you’re not sure if the incident in question is covered or not, contact your agent to check.
Take Detailed Notes
When you file your claim, you’ll need to give a detailed description of the incident. Taking notes will help you remember the accident accurately when you’re reporting it.
Make sure you take note of everything you’ll need to know to file your claim, such as:
- The time and date of the incident
- Where the incident occurred
- The names of the parties involved
- If any witnesses observed the event
Taking photographs or a video of the damage will help you give your insurance company a more detailed idea of what happened. Take photographs from several angles.
Keep copies of your photographs and notes as evidence.
Get Witness Statements
If there were any witnesses to the incident, have them give you a written statement on what happened. Make sure the statements are detailed, and have each witness sign their statement.
Determine Damage Costs
Your builders risk policy provides coverage for the cost to replace damaged property. It can also help pay for damage done to the property itself.
Make a list of the materials and equipment that will need to be replaced or repaired because of the damage. Calculate the costs of these items and any property damages. Your insurance company will compare the costs of the damages to your policy to determine how much you will be compensated.
Make Sure You Have all the Info You Need
When filing a claim, your insurance company will ask you for information such as:
- Your business’s name and contact information.
- A detailed description of the event. Make sure you have your notes!
- The claimant’s information. This is typically the contractor or the property owner.
Initiate your claim as quickly as you can with your insurance company, it’s the best way to get the help you need. Contact your insurance professional as soon as possible after an incident occurs. At Citizens General, our experienced agents and customer support team are available to help you file your claim, and answer any questions you have about the claims process.
Accidents can be frustrating and costly, but if you file your claim promptly and make sure you give your insurance agent accurate, detailed information, your builders risk insurance will help you to bounce back from the incident.
Know What Your Builders Risk Insurance Policy Covers
Are you filing the right claim? Builders Risk Insurance protects you from damages caused during construction by accidents that were out of your control, such as:
Keep in mind that there are certain things your builders risk policy may not cover, such as employee or third-party injuries, third-party property damage, or professional negligence. If you’re unsure if an incident is covered by your builders risk policy, just ask us.