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Property Development Insurance
in Massachusetts

Property Development Insurance in Massachusetts

Building Dreams? We've Got You Covered.

Building Dreams?
We've Got You Covered.

Developing a property can be an enjoyable and lucrative process. Still, there are many risks that can lead to financial losses that don’t exist with other land ownership situations. To avoid these risks, you need the right insurance coverage. At LoPriore Insurance we are an independent insurance agency that offers a variety of policies and options.

Trust our independent agents with your can help property development insurance coverage you need.

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Massachusetts Property Development Insurance
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Massachusetts Property Development Insurance
Lopriore Insurance Agency

Property Development

Welcome to LoPriore Insurance Agency – Your trusted and experienced independent insurance agency in Massachusetts.Our team of insurance profesionals understand that turning a plot into a masterpiece is no small feat. It’s a journey of dreams, risks, bricks, and blueprints. That’s why we’re here with our top-notch property developer insurance, crafted right here in Massachusetts. Whether you’re shaping skylines or creating cozy community spaces, we’ve got the coverage to ensure your project’s success from the ground up. And guess what? We make insurance easy for you. So, let’s lay the foundation for a protected future, together

Understanding the Importance of
Property Development Insurance

Think of property development insurance as your project’s trusty hard hat – it’s just smart to have it on when building something awesome!”

What is It?

Property development insurance is a policy that provides protection for unique risks you may face while developing a property. Owners face a variety of unusual dangers and work with several professionals over the term of a project. The risks you face as a result aren’t typically covered by personal and commercial insurance policies.

Why Do I Need It?

Typical property and commercial policies don’t provide coverage for the unique risks you may face while your property is under construction. While contractors are required to purchase a minimum amount of liability coverage, they might not have coverage for damage to your property. 

Who Is It For?

Property owners or managers who oversee property development need the proper insurance to avoid potential financial disaster. This may include a property owner, a landlord or property manager, or the construction manager of a development project.

Property developers Guide to Essential Insurance Policies

In the ever-evolving world of property development, it’s crucial to stay protected against the myriad of potential risks. Whether you’re a seasoned developer or just starting out, this guide will help you navigate the essential insurance policies tailored for your industry.

Available Insurance Policy Types

Property Development Insurance provides a range of coverages to cater to the varied and often complex risks associated with property development. These coverages can be tailored to suit the needs of individual development projects. Here’s a breakdown of some of the main insurance coverages often considered under Property Development Insurance:

Builders Risk Insurance
Covers damage to buildings while they are under construction. This can include protection against risks like fire, theft, vandalism, and certain natural disasters.
Commercial Property Insurance
Covers the developer's tools, equipment, and office space against risks like fire, theft, and certain weather-related damages.
General Liability Insurance
Protects against claims of bodily injury and property damage that may occur on the development site. This protects developers against potential lawsuits from accidents on-site.
Professional Liability (Errors & Omissions) Insurance
Covers claims arising from professional negligence or failure to perform professional duties. This is particularly relevant for developers, architects, and engineers who might face claims for design flaws or planning oversights.
Environmental or Pollution Liability
Protects against claims arising from environmental contamination or damage. This is essential for developments on sites that may have historical contamination or if the development process involves activities that might harm the environment.
Workers Compensation Insurance
Provides coverage for medical expenses and wage replacement if employees of the property management company get injured while working.
Commercial Auto Insurance
Provides coverage for vehicles used in connection with the development, including liability, collision, and comprehensive coverages.
Umbrella or Excess Liability Insurance
Offers additional liability coverage above the limits of general liability, auto liability, and workers' compensation policies. It kicks in when the underlying policy limits are exhausted.
Contractors Equipment Insurance
Covers mobile machinery, tools, and equipment used on the job site.
Surety Bonds
These aren't traditional insurance but are crucial for many developers. They guarantee a project's completion to its stakeholders.
Owners and Contractors Protective Liability (OCP)
Acts as a safeguard against potential fraudulent or dishonest acts by employees, often covering scenarios that might not be addressed by general crime or dishonesty policies.
Latent Defects Insurance
Covers the cost of rectifying structural defects that appear after the completion of the project, even if they result from a fault in design, workmanship, or materials.

It’s essential for property developers to work closely with insurance professionals to determine the appropriate mix of coverages for their specific project. This ensures they’re adequately protected without paying for unnecessary coverages.

Ready to Build, with Peace of Mind?
Kick off your next project with confidence!

Ready to Build, with Peace of Mind? Kick off your next project with confidence!

Click below to snag a quick, hassle-free insurance quote tailored just for you. Let’s make sure you’re covered from ground-breaking to grand opening.”

Types of Property Developers
We Insure

At LoPriore Insurance Agency, we recognize the diverse nature of the property development industry. Our tailored insurance solutions cater to a wide range of developers, ensuring each unique project is protected. Here’s a snapshot of the types of property developers we work with:

Property Developers
Individuals or businesses that oversee and fund real estate development projects.
Builders & Contractors
Those directly involved in the construction or refurbishment process.
Real Estate Investors
Anyone investing in property development projects, to safeguard their investment.
Individuals who own land that's being developed can benefit from specific coverages.

Are you a developer that doesn’t fit neatly into one of these categories? No worries. Reach out to us, and we’ll tailor a solution that suits your specific needs. After all, at LoPriore Insurance Agency, we believe in creating insurance solutions as unique as your vision.

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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 Property Development Insurance quote today. Our expert team offers tailored coverage options to safeguard your valuable investment, providing peace of mind throughout your project’s journey. Protect your development from unexpected losses – get your personalized insurance quote now.

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Property Developers Insurance FAQs

Many developers mistakenly assume that a commercial liability policy will provide all the coverage they need during a development project. Unfortunately, this could leave you with gaps in coverage and facing considerable financial loss.

Every development project is different and your individual risks depend on the professionals and the type of work done on your property. Some of the most common risks may include
• Property damage from contractors
• Investors pulling funds due to delays or other issues
• Weather destruction
• Theft and burglary
• Professional negligence
• Workers’ compensation

If you purchase property with the intention of developing it to sell for a profit, you should get property development insurance as soon as you acquire the property. This will provide you with sufficient protection from the very beginning of the project.

Your property development insurance can be customized to fit the unique needs of your project. Talking to your agent about the land you own and the scope of your project is a great way to understand your coverage options. Your independent agent might want to know the following facts about your project.
• The location of the property
• How many contractors will be working on the project
• What the building will be used for
• If someone rents or leases the building
• What types of insurance are already in place

Any time you plan a home renovation project, you should notify your insurance agent. While you may not need property development insurance, you may need to extend your homeowner’s policy to cover the changes included in the renovation. Your agent can also advise you about the coverage your contractors should have and how you should obtain proof of insurance before the project begins.

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