At Richard P. Bertolino Jr. Insurance Agency, we know how much goes into every construction project—from the first blueprint to the final nail. That’s why we offer builder’s risk insurance designed to protect your work, materials, and equipment from the unexpected.
Whether it’s theft, fire, weather damage, or delays, we’re here to help keep your project on track. We take a personal approach, getting to know your specific job site and coverage needs, so you can move forward with confidence knowing you’re protected every step of the way.
Contact us now at 978.423.8995 to get started. We can always help you over the phone, but we encourage you to set up a personal consultation with us. This way, we can answer any questions you have, and no details will go overlooked.
The basic concept of builders risk insurance is relatively simple to learn, even for the newest insurance professional. With over 25 years of experience, we’ll teach you the basics. You’ll walk away ready to confidently sell and service policies for new construction, remodeling and installation projects.
What is builders risk insurance?
Builders risk insurance (also known as course of construction or inland marine coverage) insures the materials, fixtures and/or equipment to be permanently installed during the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.
What does builders risk insurance cover?
A builders risk policy offers standard coverages and optional endorsements based on project needs. This makes it easy to customize coverage for almost any residential or commercial course of construction project. While exact coverages and limitations vary, builders risk policies may offer coverage for, but not limited to, the following:
- Property damage
- Theft
- Vandalism
- Fire or lightning
- Arson
- Collapse
- Windstorm or hail
- Materials in transit
- Debris removal
- Back up of sewers, drains or sumps
Your client may purchase other endorsements to expand the already extensive builders risk coverage, subject to underwriting guidelines. This will depend on the coverage form, project type and total completed value.
A standard builders risk policy does not typically provide coverage for workplace accidents, bodily injury or liability coverage. You can get a stand-alone premises liability insurance policy for slip-and-fall accidents to add to your total coverage.
Who needs builders risk insurance?
Most property owners or organizations that have a financial interest in a completed construction project can purchase builders risk insurance in their name, including personal and commercial lines clients.
Eligible clients who can buy commercial or residential builders risk policies include:
- Homeowners / property owners
- House flippers
- Builders
- General and sub-contractors
- Retail companies
- School districts
Policy features, benefits and terms remain the same, no matter who is named as the insured. However, types of available builders risk policies vary by client type.
What types of builders risk projects are eligible
Through the Builders Risk Plan insured by Zurich, residential and commercial policies can be secured for projects valued up to $75M in three construction segments:
- New construction: includes any new building constructed from the ground up. This can be residential or commercial. Residential account examples include one-to-four-family unit homes, custom homes, and modular and tract homes. Commercial new construction examples are apartment complexes with five or more units, retail stores, arenas, restaurants, offices, schools and more.
- Remodeling: involves structural and functional changes to an existing space beyond an installation. Our policy offers the ability to include or exclude coverage for the existing structure.
- Installation: more limited than a complete remodel. It involves installing a single fixture or feature. This includes services such as new cabinets or flooring in a residential property, or an awning or signage for a commercial property.
