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Builder’s risk is first-party property insurance for the project being built; contractors’ general liability (CGL) is third-party liability insurance for injuries, property damage, and certain personal or advertising injuries caused by the contractor’s operations. They are not substitutes. A fire can require builder’s risk to rebuild the work and CGL to pay for damage the same fire causes to a neighboring building. A visitor’s injury is normally a CGL claim, while theft of installed copper may be a builder’s risk claim.
This guide covers U.S. practice and the ISO, AIA, ConsensusDocs, and ACORD framework current on November 14, 2026. A project’s manuscript policy, endorsements, contract, state law, and declarations control the result.
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At a glance
| Name | Best for | Key spec | Checked |
|---|---|---|---|
| Builder’s risk (course of construction) | Physical loss to the structure, materials, and equipment becoming part of the project | First-party property; limit usually based on completed replacement cost; normally one project with early termination triggers | November 2026 |
| Contractors’ general liability (CGL) | Third-party bodily injury, property damage, personal and advertising injury, and defense | Liability; commonly a per-occurrence limit plus general and products-completed-operations aggregates; normally annual | November 2026 |
What is the difference between builder’s risk and general liability?
Builder’s risk pays the insured interest for direct physical loss or damage to covered project property. CGL responds when the insured is legally liable for bodily injury or damage to someone else’s property, and it supplies a defense subject to the policy wording. The first question is therefore not which policy is better, but whose loss occurred.
| Comparison point | Builder’s risk | Contractors’ general liability |
|---|---|---|
| Insurance line | Property, often written on inland marine or manuscript forms | Casualty liability |
| Who is paid | Insureds for damage to the work and covered project property | Third parties with covered injury or property damage claims, plus defense costs as the policy provides |
| Typical subject | Structure under construction and property intended to become a permanent part of it | People or property outside the insured’s own work, plus products-completed operations |
| Typical trigger | Covered physical cause of loss, such as fire, wind, theft, or vandalism, subject to exclusions and endorsements | Allegation that ongoing or completed operations caused covered injury or third-party property damage |
| Duration | Project policy; ISO CP 00 20 has acceptance, abandonment, occupancy, completion, cancellation, and expiry termination clocks | Usually annual; completed-operations protection continues only while the coverage remains in force or an applicable extension applies |
| Limit basis | Completed project value, commonly replacement cost | Per-occurrence limit and aggregate limits |
| Status to verify | Who is an insured under the property policy and who has a loss-payable interest | Additional-insured status by endorsement, limits, exclusions, and any wrap-up restriction |
The Docutrax form analysis notes that most U.S. builder’s risk is placed on inland marine forms. ISO CP 00 20 and CP 10 30 are useful measuring sticks, not a promise that every carrier’s manuscript says the same thing.
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What does builder’s risk insurance actually cover?
Builder’s risk covers direct physical loss to the building or structure under construction and materials, supplies, machinery, and equipment intended to become a permanent part of it. It is also called course-of-construction insurance or builders all risk. The policy’s declarations select the causes-of-loss form; the name alone does not tell you which perils are insured.
Perils and property
ISO CP 00 20 contains no causes of loss by itself. The declarations attach Basic (CP 10 10), Broad (CP 10 20), or Special (CP 10 30). Special form is the market norm behind the informal phrase all risk, but it still covers only what is not excluded. Fire, lightning, wind, hail, vandalism, theft of covered property, and many sudden non-flood water losses are common examples when the form and endorsements do not remove them. A carrier summary from Insureon also lists debris removal and repairs as common features.
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Installed wiring, fixtures, and equipment that will remain with the building can be covered. Portable hand tools, a contractor’s truck, and a mobile skid steer generally are not permanent building property. Off-site storage and transit may be included, limited, or excluded; read the property definition and extensions rather than assuming the job-site boundary controls.
Soft costs and delay
Base Special form excludes delay, loss of use, and loss of market. An endorsement can cover specified carrying costs caused by covered physical damage, such as construction-loan interest, taxes, extra insurance, and similar project expenses. That is not the same as business-income coverage. Soft-cost limits and waiting periods can be much smaller than the physical-damage limit; an IRMI example cited by Docutrax had a $3.3 million soft-cost sublimit against $33 million of physical damage. It is an illustration, not a market average.
Theft, collapse, and water details
CP 10 30 limits theft of building materials and supplies that are not attached to the building. ISO CP 11 21 is the named theft buy-back for building materials, fixtures, machinery, and equipment. Collapse is excluded in the Special form with a limited additional coverage, which is why CP 11 20 exists. Flood, surface water, sewer backup, and earth movement normally require separate treatment. Wind damage from a hurricane and flood damage from the same storm can therefore receive different answers.
Special form can cover sudden water damage but cuts back continuous or repeated seepage lasting 14 days or more, freezing when heat was not maintained or systems were not drained, and the cost to repair the defective system itself. Resulting damage must be analyzed separately.
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CGL covers the contractor’s legal liability for bodily injury or property damage to others, plus personal and advertising injury offenses listed in the policy. It follows the contractor’s operations across jobs rather than insuring one building. A visitor who trips over a cord, a pedestrian struck by falling debris, or a neighbor whose foundation is cracked by excavation are typical liability scenarios.
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Defense and limits
Most ISO-style CGL policies provide defense as supplementary payments outside the liability limits, although non-ISO and excess-and-surplus forms may place defense inside the limit. Confirm the actual policy. A commonly marketed structure is $1 million per occurrence and $2 million general aggregate; LegalClarity describes that as customary in 2026, not as an official ISO or NAIC statistic. The aggregate caps covered loss during the policy period, while the occurrence limit applies to one accident. Products-completed-operations may carry a separate aggregate.
Completed operations
Liability does not end when the last worker leaves. A roof installed incorrectly can produce a later claim when a leak damages an owner’s furniture or finished interior. The cost to redo the defective roof is usually excluded, but resulting third-party property damage may be covered depending on the policy and facts. As IRMI’s construction commentary explains, completed-work claims can arise years after completion. A contractor must keep completed-operations coverage in force, or arrange an extension, for as long as its contract and applicable statute of repose require.
What does neither policy cover?
The largest gap is the cost of correcting the contractor’s own defective work. Builder’s risk and CGL then diverge on what happens next.
| Exposure | Usual treatment | Coverage to investigate |
|---|---|---|
| Bad design, specifications, workmanship, or materials | Cost to remove and redo the defect is generally excluded | Contract warranty, performance bond, professional liability, or negotiated manuscript coverage |
| Distinct damage caused by the defect | May be an ensuing covered loss under builder’s risk or third-party property damage under CGL; neither is automatic | Exact wording, causation, jurisdiction, and endorsements |
| Employee injury | Outside both policies’ intended protection | Workers compensation and employers liability |
| Contractor’s truck, skid steer, or portable tools | Usually outside builder’s risk permanent-property definitions and CGL property damage coverage | Commercial auto and contractors equipment or tools-and-equipment inland marine |
| Flood, earthquake, earth movement, or sewer backup | Common exclusions or limitations | Flood, earthquake, difference-in-conditions, or specific endorsements |
| Professional design error | Usually excluded by CGL professional-services wording | Contractors professional liability or architects-and-engineers professional liability |
| Property in the contractor’s care, custody, or control | Often excluded by CGL | Property or inland marine form written for that custody exposure |
Why ensuing-loss clauses are easy to misunderstand
CP 10 30 excludes loss caused by faulty planning, design, specifications, workmanship, construction, materials, and related activities, but an exception can cover a separate covered cause of loss that follows. The clause requires two events: an excluded defect and a distinct covered peril. It does not turn the defective work itself into insured property damage.
Courts illustrate the distinction. In Bob Robison Commercial Flooring, Inc. v. RLI Insurance Co. (Eighth Circuit, March 19, 2025), defective gym-floor painting was treated as the peril, so removal and replacement were excluded. In Vision One, LLC v. Philadelphia Indemnity Insurance Co., the Washington Supreme Court treated collapse caused by faulty shoring as a separate covered ensuing loss. The form and state law control; never promise that every resulting loss is covered.
Which policy pays when one event causes several losses?
Separate the damaged property and the injured person. File builder’s risk for direct damage to covered project property; notify CGL for a third-party injury or third-party property claim. The same occurrence can trigger both policies for different slices.
| Event | Likely first notice | Reason |
|---|---|---|
| Wind destroys a partially framed wall | Builder’s risk | Physical damage to the work, if wind is covered |
| Fire burns the building under construction | Builder’s risk | Rebuilding the insured project property |
| The fire spreads to the neighboring building | CGL | Damage to someone else’s property and potential defense |
| A visitor trips over a cord | CGL | Third-party bodily injury |
| Excavation cracks a neighbor’s foundation | CGL | Third-party property damage allegedly caused by operations |
| Only an incorrectly installed roof must be removed and replaced | Usually neither | Own-work or defective-work cost |
| A roof leak ruins the owner’s finished floors or furniture | CGL review; builder’s risk may also require analysis while construction is ongoing | Resulting third-party property damage and possible completed-operations coverage |
| Skid steer stolen from the site | Contractors equipment coverage | Mobile equipment is not the building; materials beside it require a separate builder’s-risk theft analysis |
Insureon’s filing guidance uses the same practical split: direct damage to the building under construction points to builder’s risk; another person’s injury or property damage points to CGL. Notify every potentially applicable carrier promptly and preserve the scene, contracts, invoices, photographs, and damaged-property records.
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Who buys builder’s risk, and who is insured?
The contract decides who must purchase builder’s risk. There is no universal rule that the owner always buys it.
- AIA A101-2017 Exhibit A: the owner is the default purchaser unless the contract shifts the duty to the contractor. The required policy is a completed-value, replacement-cost builder’s-risk or equivalent form for the entire project, and it is to include the interests of the owner, contractor, subcontractors, and sub-subcontractors as insureds.
- ConsensusDocs 200: Section 10.3.1 places the builder’s-risk obligation on the constructor, with an owner-purchase election under Section 10.3.3.
- CGL: every contractor and subcontractor normally buys its own policy for its own operations. An upstream party becomes an additional insured only through the required endorsement, not merely because a builder’s-risk contract lists its interest.
If an owner fails to procure property insurance required by AIA A201-2017, Section 11.2.2 addresses notice and waiver consequences. The remedy depends on the contract’s notice and waiver language; it is not a reason to assume CGL will insure the structure.
When does builder’s risk end, and how long does CGL last?
Builder’s risk is temporary. Under ISO CP 00 20 Section F.4, coverage ends at the first applicable event: policy expiry or cancellation; acceptance of the property; cessation of the insured’s interest; abandonment without intent to complete; or, unless the insurer agrees otherwise in writing, 90 days after construction is complete or 60 days after a building is occupied in whole or in part or put to intended use, whichever comes first.
Partial occupancy can start the 60-day clock even while other work continues. AIA A101-2017 separately addresses use before substantial completion and insurance after substantial completion because the handoff to permanent property insurance is a common gap. Confirm the policy’s definition of completion and any phased-occupancy endorsement.
CGL renews annually. A lapse after substantial completion can leave a contractor exposed to later completed-operations claims. LegalClarity summarizes state construction statutes of repose as ranging from four to 15 years, while IRMI uses a 10-year example for aligning an extended products-completed-operations endorsement. The actual state, contract, and policy wording must be checked.
How do waivers of subrogation differ?
A property waiver, a CGL waiver, and a workers compensation waiver are separate documents or endorsements. AIA A201-2017 Section 11.3.1 is the property waiver: the parties waive certain recovery rights for losses covered by applicable project property insurance, subject to the contract’s scope and exceptions. It does not automatically waive CGL subrogation.
ISO CG 24 04 is the commonly referenced CGL waiver endorsement. Workers compensation uses a separate bureau form, such as NCCI WC 00 03 13 with state variations. State anti-indemnity and anti-waiver laws also matter; Kansas and Montana illustrate why a rule from one state cannot be generalized nationwide.
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What can a certificate of insurance prove?
There is no ACORD certificate issued solely for builder’s risk. Property evidence may use ACORD 24, ACORD 27, or ACORD 28. ACORD 25 is the liability certificate; the edition identified in the available data is 2025/12, while the property evidence forms remain 2016/03.
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|---|---|---|
| ACORD 25 | CGL limits, policy dates, insurer, and sometimes supported additional-insured or waiver information | Every exclusion, defense-inside/outside-limits rule, wrap-up restriction, or completed-operations detail |
| ACORD 24 | Evidence of property insurance for a holder without a direct policy interest | Coverage wording, termination clocks, or insured status beyond the policy |
| ACORD 27 | Short property evidence form commonly used for lenders and mortgagees | Full builder’s-risk terms and endorsements |
| ACORD 28 | Commercial property evidence for lenders, mortgagees, and loss payees, including valuation fields | Whether subcontractors are insureds, the defects clause, or soft-cost sublimits |
Certificates state that they do not amend or extend coverage. Cancellation language is generally only according to policy provisions. Ask for the declarations, forms, endorsements, schedule of values, loss-payee wording, and additional-insured endorsement instead of relying on a certificate checkbox.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How much do the two policies cost?
The premiums are calculated on different bases, so they are not interchangeable prices. AIA’s completed-value requirement explains why builder’s-risk pricing follows the total project value. LegalClarity describes a secondary-market range of roughly 1% to 5% of completed value; its examples are $5,000 to $25,000 for a $500,000 home and $100,000 to $500,000 for a $10 million commercial project. Those are explainer ranges, not national rate statistics.
The same source describes about $750 to $2,500 per year for a small or midsize contractor buying $1 million per occurrence and $2 million aggregate CGL. Actual pricing depends on trade, payroll or revenue, location, construction type, claims, limits, deductible, subcontractor controls, and endorsements. The available data found no NAIC, ISO, NCCI, or Insurance Information Institute national average for either policy.
Why should project limits and risk controls be reviewed carefully?
Construction fires remain a material exposure. Docutrax cites NFPA estimates for 2016–2020 of about 4,300 annual fire-department responses to fires in structures under construction, averaging five civilian deaths, 62 civilian injuries, and $376 million in direct property damage each year. It also cites Allianz analysis of more than 13,000 engineering and construction claims, in which fire and explosion represented 27% of claim value and water damage was 11% of claims in the first three quarters of 2021. These figures are published-study results reported by Docutrax, not a forecast for a particular project.
Use those risks to check valuation, deductibles, hot-work controls, theft protection, water-shutoff procedures, flood and earthquake options, debris removal, delay and soft-cost limits, and the date permanent property insurance begins.
What changes when a wrap-up program is used?
An owner-controlled insurance program (OCIP) or contractor-controlled insurance program (CCIP) can place enrolled contractors under one liability program. It does not convert builder’s risk into liability insurance. Enrollment is not automatic; suppliers, design professionals, abatement contractors, and equipment-rental firms may be excluded.
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Check whether a contractor’s practice policy excludes wrap-up work even if the wrap-up later cancels, lapses, or exhausts its limits. IRMI identifies CG 21 31 and the broader CG 21 54 as examples of wrap-up exclusions. A severe exclusion can leave an enrolled contractor without ongoing or completed-operations coverage after a program problem. Obtain the wrap-up manual, enrollment confirmation, limits, completed-operations term, and gap or exhaustion procedure.
What should a contractor verify before work starts?
- Read the contract section assigning builder’s-risk procurement and identify the policy purchaser.
- Obtain the full builder’s-risk declarations, causes-of-loss form, endorsements, schedule of values, deductible, valuation basis, soft-cost and delay limits, and theft, flood, earthquake, collapse, transit, and off-site-storage treatment.
- Confirm that every required party is an insured or loss payee in the status the contract requires; do not substitute additional-insured language from a CGL certificate.
- Keep an annual CGL policy active with limits, additional-insured endorsements, waiver wording, and completed-operations protection required by the contract.
- Arrange workers compensation, commercial auto, contractors equipment, tools-and-equipment, professional liability, and pollution coverage where the work creates those exposures.
- Record substantial completion, partial occupancy, acceptance, certificate-of-occupancy, and intended-use dates so the builder’s-risk termination clocks are visible.
- Before a claim, separate damage to the work from injury or damage to outsiders, notify all potentially responsive insurers, and preserve evidence.
How we picked the distinctions in this guide
The comparison follows the decision points that determine payment: whose loss is involved, what property or injury is at issue, the covered cause or liability theory, who bought and is insured, when coverage starts and ends, how limits are calculated, and what evidence a certificate can show. The analysis uses the U.S. ISO benchmark forms, AIA A101/A201-2017, ConsensusDocs 200, and ACORD evidence practices, while recognizing that manuscript and state-specific wording can change the result.
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Does a homeowners policy replace builder’s risk during a renovation?
Sometimes an owner’s existing property policy addresses a limited renovation exposure, but it may not insure the increased value, materials, temporary structures, or parties required by the construction contract. Ask the owner’s insurer and the contract administrator to confirm the exact project property, limits, and construction exclusions in writing.
Can a subcontractor rely on the general contractor’s builder’s-risk policy?
Only if the policy and contract make the subcontractor an insured or otherwise protect its insurable interest. A certificate or a promise that the subcontractor is included is not enough; review the policy’s insured definition, waiver of subrogation, deductible allocation, and claim-notice rules.
What happens if the project is damaged after substantial completion but before closing?
The answer turns on acceptance, occupancy, intended use, and the builder’s-risk termination clause, not simply on whether punch-list work remains. Coordinate the builder’s-risk end date with the owner’s permanent property policy and document who bears the risk during the handoff.
Is an installation floater the same as builder’s risk?
An installation floater is a related inland marine form for property one contractor is installing, often including transit or off-site storage. The insured, insurable interest, and property definition differ, so compare those terms rather than assuming the two policies provide identical project protection.
