whats the difference between builders risk and general liability?
I'm working on the proposal for my first real GC gig and want to get all of my insurance in proper order. I've been a sub for years and have always carried a GL policy. The project i'm working on is repairing part of a duplex that was damaged by fire. The replacment cost for the building is likley 1 million, but the scope of work that I'm propsing is under 100,000.00 and only a couple of months long. Do you think I will find a BR policy for a short term project, and will I be paying a percentage of the entire buildings replacement cost? What all does a builders risk policy cover that my GL policy did not?
Re: whats the difference between builders risk and general liability?
Builder's risk covers damage to your work during the project, when it may be your nickel. I have my clients carry insurance on their property instead. No doubt you would get builder's risk if you were doing a spec house.
Liability covers personal injury and property damage caused by you. It does not pay to repair your work if you damage it. It does cover things like the owner's Mercedes in the driveway as you squeak past it in a forklift with a huge glulam on it.