Builders Risk Insurance in Revere, MA
The construction industry faces risks and exposures that could lead to significant financial losses. Furthermore, projects and jobs currently being worked on may be particularly vulnerable to various incidents and subsequent fiscal ramifications. With this in mind, contractors, construction firms and other stakeholders should understand the importance of adequate insurance, including builders risk coverage.
What Is Builders Risk Insurance? 
A builders risk policy may be an invaluable investment during construction. This type of coverage can provide versatile and robust financial protection for the property and finances of those working on a project. Like many insurance products, policies establish a contractual agreement between the policyholder and their carrier, potentially providing crucial financial assistance in response to incidents impacting a jobsite and limiting resulting out-of-pocket losses.
What Does Builders Risk Insurance Cover?
Builders risk covers many common perils and incidents relevant to construction jobs, including fires, severe weather, vandalism and burglaries. In response to covered incidents, builders risk coverage may provide funds and resources to help pay for losses and damages involving the following:
- Buildings, including both those being built from the ground up as well as those being renovated
- Temporary structures, such as fences and scaffolding
- Equipment and materials
- Key documents, such as blueprints, specifications and contracts
- Business interruption losses, including additional real estate taxes of contractor fees made necessary by delays
Why Is Builders Risk Insurance Needed?
Given the many risks and perils often inherently present on construction sites, there may be constant potential for accidents, errors and other incidents. Even the most well-trained and experienced companies may eventually experience on-site issues, and the resulting delays and disruptions could have significant financial ramifications. Fortunately, securing appropriate insurance can help businesses weather these difficult circumstances and get their projects back on track.
Get the Right Coverage
With a service record dating back to 1990, R.M. Cataldo Insurance Agency has the knowledge and experience to help businesses in the Revere, MA, area secure appropriate coverage. Contact us today to get a personalized builders risk insurance quote.