Builders Risk

Fire, theft or other unforeseen events on a construction site can leave a general contractor or property owner liable for significant costs. An affordable Massachusetts builders risk insurance policy from O’Connor & Co. Insurance Agency can help cover these costs if disaster strikes your job site.

Builders risk insurance covers property damage which occurs on a construction site; the policy expires once construction is completed, at which point standard property insurance kicks in. Lenders will often require evidence of an appropriate builders risk policy before issuing funding. The builders risk policy is usually in the property owner’s name but the general contractor could also purchase the policy as part of their contract.

Typical Massachusetts builders risk policies can cover:

  • Fire
  • Wind, hail, lightning, and storm damage (Note that flood damage is covered only under a special flood insurance policy.)
  • Theft and vandalism
  • Damage to building materials on site, in transit to the site, or stored off site

O’Connor & Co. Insurance can customize a builders risk insurance policy to cover your specific project, whether a new building, a kitchen remodel, or an addition to an existing structure. Note that builders risk insurance covers property damage only, so separate liability insurance should be purchased for full coverage.