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What is the best way to insure a builders risk/ through the

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Posted: Thu Jun 12, 2008 2:29 pm   Post subject: What is the best way to insure a builders risk/ through the   Who should buy the policy for a hotel being built? The contractor building it or the Hotel owner or both? Builders risk	hotelinsurer New member Joined: 12 Jun 2008 Posts: 1 1.50 Dollars($)
Posted: Thu Jun 12, 2008 2:36 pm   Post subject:    Typically I've seen the general buying the Builders Risk policy. If I were to put my own thought into this I'd say that the owner should not need to pay for this expense as they would be able to hold the general responsible under the terms of the contract if something goes wrong so I don't see why they should need to pay for the policy. Keep in mind that I'm an adjuster not an agent. I usually only see these things _after_ a loss has occured. An agent who sells the policy could probably give better information.	tcope Forum Expert Joined: 22 Nov 2006 Posts: 5068 Location: Salt Lake City, UT 272.81 Dollars($)
Posted: Fri Jun 13, 2008 6:31 am   Post subject:    Hi, Yes the builder's risk policy is for the contractor. This is because the insurable interest is there amongst all the traders & subtraders contributing to the construction work. I'd personally believe it is the contractor's responsibility to bear the losses arising out of any damage that is the outcome of his mistake. Till the construction is over the owner of the hotel/building does n't share the same insurable interest due to a lack of this responsibility. I say this since the constructional process doesn't offer any opportunity for mistakes to be conducted by the owner & would count upon the consequences of all acts performed by the contractor only. PermaBay _________________ Register Now to have your Insurance queries solved.	PermaBay Guest
Posted: Fri Jun 13, 2008 7:27 am   Post subject:    Hi all..there are some legal cases where damages to a part or segment of such a construction may have caused considerable damage to the people around it. Under such circumstances, a legal court would hold the aforementioned 'insurable interest' to be associated with not only that particular segment but the whole structure associated with the construction. The outcome of such cases always established how losses arising that way had to be borne by the builder's risk policy. Hope that fits in to your query! Corba+ _________________ Register Now to have your Insurance queries solved.	Corba+ Guest

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