Proper cost management of construction projects should include provisions for mitigating risks and ensuring that your commercial construction company is protected against large losses caused by floods, high winds, tornadoes, hurricanes and other major weather events. Working with a company that specializes in providing consulting services for cost management and other aspects of the construction industry can ensure the best protection against large losses and the most effective claims process possible for your company if the worst should occur.
Builders Risk Insurance
Most lenders require insurance on commercial properties as a prerequisite for receiving funding to acquire these real estate holdings. Insuring your building site against damage at your building site can also be critical to your company’s ongoing financial success. Builders risk insurance policies are designed specifically to cover construction projects during the building phases and to offer financial compensation when damage occurs that could delay the completion of these projects.
Large Loss Claims
In some cases, the damage to your property may be serious. You may require the services of an experienced construction consultant to determine the full extent of your large loss construction project claim. Some of the most common reasons for large loss claims on your worksite include the following:
- Flooding can cause serious delays in construction and may cause damage to parts of your building project that have already been completed.
- The high winds associated with tornadoes and hurricanes can bring down structures and may require extensive rebuilding to repair damage and get back on track with your project.
Making sure you have the right cost management of construction projects support for your claim can boost your chance of success in receiving the funds needed to remediate any damages and to get back on track for successful completion of your building project.
Submitting Your Claim
By consulting with a professional construction cost estimator, your company can provide the most accurate assessment of damage caused to your construction site and structure. In most cases, the insurance company handling your builders risk policy will send an adjuster to look at the worksite and to create an independent assessment of the value of your claim. Working with your own team of experts can ensure that you receive fair compensation for the damages caused to your worksite by storms and other events.
Benefits of Large Loss Claim Consulting
Your claim consulting firm can gather evidence on your behalf to ensure that your losses are evaluated fairly. These experts in the construction field can provide accurate estimations of the value of your claim and the amount of compensation that would be fair in your particular case. This can help you manage these issues more effectively and can provide you with greater peace of mind throughout the claims process.
At Halford Busby, we offer comprehensive construction cost management and consulting services that suit the way your company does business in the construction industry. Our expert consultants will work with you to deal effectively with large loss claims and other issues related to managing your construction project. Call us today at 281-920-1100 to discuss your project with our experienced team members. We look forward to the opportunity to serve you and your company.