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Builders Risk Insurance

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Building Peace of Mind, One Project at a Time.

Whether your construction or renovation project is big or small, safety should always come first. That’s why it’s crucial to have the right builder’s risk insurance program in place. Don’t let your exciting project turn into a legal hassle. LoPriore’s builder’s risk insurance provides flexible policy options, allowing you to tailor your coverage to your specific needs. Protect your project and your peace of mind – get a quote today.

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Massachusetts Builders Risk Insurance
Lopriore Insurance Agency

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At LoPriore Insurance, we understand the unique risks and uncertainties that construction projects face from start to finish. That’s why we’ve tailored specialized Builders Risk Insurance solutions to protect your construction investments. Our expert team is dedicated to creating coverage that aligns perfectly with your project’s specific needs, ensuring the safety of your construction materials, equipment, and the success of your project.

Our comprehensive range of Builders Risk Insurance options covers everything from ground-breaking to project completion, providing protection against construction-related risks that could threaten your investment. With strong partnerships with leading insurance providers, we offer top-tier policies that offer peace of mind, allowing you to focus on your construction projects with confidence.

In the face of unexpected events during construction, LoPriore Insurance is your dependable partner, ready to assist you in securing a solid foundation for your project. Let us guide you through the intricacies of Builders Risk Insurance, ensuring you can build with assurance, knowing that we have your best interests at heart.

Understanding the Importance of
Builders Risk Insurance

The purpose of Builders Risk Insurance is to protect the financial investment in construction projects by providing coverage for potential damage or losses during their development, ensuring project continuity and mitigating financial risks.

What is It?

Builders risk insurance covers property owners and builders during new construction or renovation products. If damages, accidents, or losses occur during construction, builders risk insurance can help you cover the costs.throughout their journey and storage.

Why Do I Need It?

When a building is under construction, your standard property insurance won’t provide coverage for damages related to the project. Additionally, if you finance your project, your lender will require you to purchase a builder’s risk insurance policy to protect their financial interest.

Who Is It For?

Anyone looking to protect their interests during the course of a new construction or renovation project would benefit from the purchase of a builder’s risk insurance policy. This may include homeowners, property owners, builders, developers, contractors, and house-flippers.

How To Insure My Construction Project

To insure your construction project, follow these steps: assess your specific insurance needs, consult with a construction insurance expert, select appropriate policies, gather project details, obtain multiple insurance quotes, customize coverage, review policy terms, secure certificates of insurance from subcontractors, implement risk management strategies, maintain documentation, ensure compliance with regulations, communicate with stakeholders, and monitor costs.

Builders Risk Insurance - Construction Project

Tips for buying Builders Risk Insurance

When insuring your construction with builders risk insurance, it’s vital to make well-informed decisions to ensure comprehensive protection for your assets while in transit and at various locations. Here are some crucial tips to consider:

Evaluate Your Insurance Needs

Determine the specific risks and liabilities associated with your construction project, including the type of construction, location, and potential hazards.

Secure Certificates of Insurance

Request certificates of insurance from subcontractors and suppliers to verify their coverage and limit your liability.

Review and Adjust

Periodically review your insurance coverage to make adjustments as the project progresses or if there are changes in scope, budget, or risk factors.

How much does Builders Risk Insurance Cost?

Builders Risk - Cost

The cost of Builders Risk Insurance can vary widely depending on several factors, including the size and value of the construction project, location, duration, coverage limits, deductible amount, type of construction, and the insurance provider. As a rough estimate, Builders Risk Insurance typically costs between 1% to 5% of the total construction budget. However, for more accurate pricing, it’s essential to obtain quotes from insurance providers, as the cost will be tailored to the specific details of your project. Larger and more complex projects or those in areas prone to natural disasters may have higher premiums, while smaller projects with lower risks may cost less to insure. 

Factors that Affect The Cost Of Builders Risk Insurance

The cost of Builders Risk Insurance is influenced by factors such as the project’s size, value, and location, as well as the construction type and duration. Additionally, the selected coverage limits and deductible amount can significantly impact the insurance premium.

Risk Exposure
Coverage Type
And Limits
Location
Project Size and Value
Construction Type
Claim History
Project Duration
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Construction Protection,
From Start to Finish

Request Your Builders Risk Insurance Quote Today

Your project’s safety net, providing protection and peace of mind, regardless of the challenges or terrain. With this coverage, your project is safeguarded, ensuring that you can proceed with confidence from the project’s inception to its successful completion.Get a quote today and build with confidence, from start to finish.

Builders Risk Insurance Coverage Options

Builder’s risk insurance is designed to be flexible because no two construction projects are alike. You can get the coverage you need for your individual project with your standard plan or with the addition of optional coverage to fill the gaps. The limits you choose and the amount of time you need to complete your project may vary as well. This is where flexible terms of coverage can be helpful.

Coverage Details

Any type of construction project poses unique risks that usually aren’t encountered on fully constructed personal or commercial property. For this reason, damages and losses related to construction or renovation projects aren’t covered by standard insurance policies. A builder’s risk insurance policy provides coverage for property owners and builders during construction. It is required if the construction project is financed through a lender. The following coverage may be supplied by your policy.

Fire
Lightning
Theft
Vandalism
Explosions
Hail
Protections of building materials while in transit
Coverage for building materials after installation
Windstorm
Protection for Losses Due to Laws
Protection for damages due to ordinances

Additional Coverage to Avoid Gaps

Your builder’s risk insurance policy provides coverage for a wide variety of perils. However, there are exclusions you should be aware of. Exclusions to your builder’s risk insurance coverage may include the following. You can typically fill the gaps with additional optional coverage.

Earthquake
Water damage
Employee theft
Mechanical breakdown
Government action
War
Damage to Property left out in the open
damage resulting from faulty workmanship or poor design

The exclusions in your builder’s risk insurance policy are covered by your commercial liability policy or additional optional coverage. It’s important to understand all the terms and exclusions of your insurance policy so you won’t be underinsured in the event you need to file a claim.

Builders Risk Insurance vs. General Liability for Contractors

When it comes to safeguarding your business, understanding the insurance options available is crucial. Two common types of insurance packages are the Business Owners Policy (BOP) and the Commercial Package Policy (CPP) and both are designed to protect your business 

Builders Risk Insurance
This is a type of insurance that covers property and raw materials while construction is underway. It is designed to protect a builder or owner against loss or damage to a building while it is under construction, renovation, or repair.
General Liability Insurance
for Contractors
This policy covers legal claims related to injuries or damage to other people or property that might occur due to the contractor's operations or products.

Key Differences

Nature of Coverage

Builders risk focuses on the property under construction and related materials, while general liability covers claims arising from injuries or property damage.

Duration
Builders risk is temporary (limited to the construction period), whereas general liability is ongoing.



Primary Beneficiaries

Builders risk typically benefits the property owner or builder, while general liability protects the contractor against third-party claims.

In conclusion, while a BOP offers simplicity and broad coverage for smaller businesses, a CPP provides flexibility and comprehensive protection for larger or more complex enterprises. An insurance professional can help determine which policy best fits your business’s unique needs.

Types of Real Estate Covered by Builders Risk Insurance

Builders Risk Insurance is a specialized type of insurance designed to protect buildings and structures that are in the process of being constructed or renovated. Here’s a breakdown of the types of real estate projects that typically fall under this coverage:

Residential Construction
Single-family Homes: Whether someone is building their dream home or a developer is constructing houses for sale, these projects are covered.

Multi-family Residences: This includes duplexes, triplexes, and other small multi-unit residential buildings.

Apartment Complexes: Large-scale multi-unit dwellings that are rented out to tenants.
Renovations & Remodels
Historical Restorations: Projects aimed at restoring and preserving historical buildings.

Home Expansions: Including additions to existing homes or structures.

Major Refurbishments: Large-scale renovations that significantly change the existing
Commercial Construction
Office Buildings: Structures specifically designed to house businesses, ranging from small individual offices to large corporate headquarters.

Retail Centers: This can be anything from small shops to expansive shopping malls.

Warehouses: Storage facilities, both large and small.

Hotels & Motels: Accommodation businesses under construction. Restaurants: Standalone dining facilities being newly built or renovated.
Temporary Structures
Scaffolding: Erected for the purpose of construction or renovation.

Portable Buildings: Like on-site construction offices.

Storage Units: For materials and equipment during the project duration.

It’s important to note that while Builders Risk Insurance can cover a wide range of real estate types, there may be specific exclusions or requirements depending on the insurer and the nature of the project. Consult with the LoPriore Insurance agency team to get the right coverage for your project.

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What’s The Advantage of Comparing My Insurance Policy?

When you send us a copy of your policy, our team has an opportunity to get a snapshot of your current insurance coverage, discounts, and added riders on your existing insurance policy.

Where Do I Find a Copy of My Insurance Policy?

Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.

What Happens When You Upload Your Policy?

Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Security, Extra Peace of Mind

Request a free Builders Risk insurance quote today and safeguard your project from unexpected losses, whether it’s under construction or renovation. Our expert team will provide tailored coverage options to protect your valuable investment, ensuring peace of mind throughout your project’s journey.

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Builders Risk Insurance FAQs

General liability coverage offers additional coverage. It provides the property owner with premises liability coverage. Also, policyholders purchase another layer of liability coverage for products completed and operations.

No, this is an important exclusion. Your policy requires your subcontractors to provide their own proof of insurance to the property owner.

Builder’s risk insurance provides coverage for covered claims up to the limits of your policy. Therefore, your construction budget is the best source of information to determine the limits of coverage.

If the project isn’t complete when the policy term is up, you may be able to get an extension. However, the extension is typically only available one time. On the other hand, the policy terminates upon completion if the project is finished early.

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