20 Mar 2013 Massachusetts Builders Risk Insurance Questions Answered
What is builders risk insurance for?
Builders risk insurance provides coverage for a building while it is under construction. This coverage protects from property losses while the building is under construction. Buildings under construction are much more vulnerable to weather damage and theft. Some premises liability may also included within this coverage, but each company will have different exclusions and coverages that can/will be provided.
Which party should secure the builders risk coverage?
In short- it depends. This will depend upon the contractor that is doing the work. Both parties have the ability to secure coverage. In any case, each project will have its own builders risk coverage.
Information you’ll need to secure a builders risk policy?
- Location of project.
- Project description with a breakdown of the project phases.
- Cost of the project.
- A copy of the contract between the homeowner and the contractor.
For more information about Massachusetts builders risk insurance or to secure a policy before beginning your home renovation project- please contact a Berry Insurance agent today at (800) 941-3317.
*Authored by Amanda Spittell
For more information about this topic, or to get some answers about your current insurance situation, please visit our virtual insurance agency at berryinsurance.com, stop by one of our two locations, or give us a call at (800) 941-3317.
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