By Gina Lozier and Jeffrey Wertman ( May 31, 2018, 4:00 PM EDT) -- If an unpredictable weather event, such as a hurricane, strikes during new construction, remodeling or renovation of real property, significant property damage, delays in construction and other expenses such as loss of income and other indirect construction costs will invariably be incurred. Consider a hurricane causing a contractor to miss the substantial completion date of a project and the owner loses tenant income or a storm causes a building envelope failure in an apartment complex forcing tenants to relocate. These losses, which could be massive depending on the extent of the construction can put a project, and its funding, in substantial jeopardy. An owner undergoing such a project may believe that the standard property insurance policy in place will provide indemnification for the loss and mistakenly assume that all related expenses are afforded coverage. Unfortunately, the failure to secure proper insurance coverage for property under construction can have a catastrophic impact long after a hurricane has passed....