Builders risk insurance is a type of property insurance that covers property owners and builders for projects under construction, renovation or repair. Although this type of insurance is similar to property insurance, it does not cover buildings and the contents inside the building but covers buildings that are currently under construction.
Many times builders acquire this type of insurance right after they have agreed to start the project, and are not clear on what the insurance actually covers, or if certain types of damage are excluded when the need to file a claim arises.
If your builder’s risk insurance claim has been disputed in bad faith by your insurance provider, it is important to hire a Tampa property insurance attorney.
Tampa Builders Risk Lawyer
Contact Germain Law Group, P.A. at (813) 835-8888 or submit an online form for a consultation about your builder’s risk claim denial in Tampa, Florida.
Attorney Michael Germain has years of experience handling builder’s risk claims and other property insurance related matters, including loss of use, renters insurance, and homeowners insurance claims.
Germain Law Group, P.A. proudly represents clients throughout Hillsborough County, including Tampa, Sun City Center, Temple Terrace, Clair-Mel City, Hunters Green, and neighboring cities.
Builder’s Risk Insurance Coverage in Florida
Builders risk insurance usually covers all risks, including theft and vandalism, fire damage, wind damage, accidental losses, and other destruction to the uncompleted building.
Additionally, builders risk insurance can also cover losses that are not directly related to the construction for a higher premium, including financial costs, expenses associated with leasing and marketing, delayed construction costs, and flood damage.
Often when a claim arises under a builder’s risk policy, there is no way to determine what the actual damages were, as most builders risk insurance policies are created for the specific project or building that is under construction. This can lead to serious disputes regarding how much the policyholder should be paid.
Builder’s Risk Insurance Denials and Disputes in Tampa
Your insurer will attempt to deny or dispute your builder’s risk insurance claim for many reasons, including, but not limited to the following:
- The damage occurred after the construction was complete,
- The damage was preexisting or occurred before the construction began,
- The damage was not covered by the insurance policy,
- The insurance was inadequate to cover the damage, and/or
- The type of damage was specifically excluded from the policy.
Your insurer may be acting in bad faith or may be breaching their contract with you if they do not timely process your claim, delay payment on your claim without good cause, or refuse to pay the correct value of the property and assert the building is worth less than it is.
If your builders risk claim has been disputed by your insurance provider or they breach their insurance contract with you in bad faith, a Florida law permits the insured to file a breach of contract claim against their insurance company within five years.
This statute of limitations (SOL), or maximum amount of time to file a claim, begins to run from the time the damage occurred, and not when the insurer breached their duties to you. This five year time period could run out by the time the insurer breaches their contract, especially in the case of builders risk or business type claims. Therefore, it is essential to hire an insurance attorney from the time your damage initially occurs.
Builder’s risk insurance disputes can be time-consuming, frustrating and costly. It is important to hire an experienced Tampa insurance lawyer to represent your company’s interests and pursue all necessary legal action arising from your claim.
Germain Law Group, P.A. | Builder’s Risk Attorney in Hillsborough County
Contact the Germain Law Group today for a consultation about your builder’s risk claim denial in Hillsborough County, Pinellas County, Brevard County and Manatee County. Michael B. Germain is an experienced Tampa property insurance claims attorney who will listen to the facts of your situation and help you determine the best recourse in pursuing your builder’s risk claim.
Contact Germain Law Group, P.A. at (813) 835-8888 or submit an online form for a consultation about your property insurance issues throughout Central Florida, including Hillsborough, Pasco, Pinellas, Polk, Citrus, Hernando, Sumter, and surrounding counties.