The budget for any construction site has countless lines of expenses, both real and forecasted. Savvy builders know to build in unexpected costs associated with weather delays and equipment breakdown. You can keep your budget on track by purchasing builders risk insurance in Massachusetts.That way, minor delays will not cost you a small fortune, and your work can resume as quickly as possible.
Who Is Eligible?
Builder’s insurance policies provide coverage for most projects, such as:
- New construction
- Refurbishment or rehabilitation work
- Projects with multiple sites
- Some speculative projects
Developers and project owners working on any size project likely qualify for coverage, though the cost of a policy will vary. An agent will work with you to assess your needs, taking into account the value of the project, any past claims you have filed and your performance history.
What Is Covered?
Builder’s risk insurance covers the structure itself, as well as materials stored on the site for future installation. There are also several other options you might consider to add into your policy, such as coverage for:
- Debris removal
- Pollution cleanup
- Fire department charges
- Valuable papers and records
You will want to work with an agent who specializes in builders risk insurance in Massachusetts in order to ensure your policy covers your project timeline adequately as well as comprehensively. The agent can help you determine any risk areas that need coverage as well as offer you options for maximum protection.