• Professional Liability
• Rental income Coverage
Many construction projects are plagued with cost increases and delays that negatively impact contractors working on these projects. Minor project issues might be resolved with relative eases, but major problems can financially stress a contracting company or even potentially lead to bankruptcy. For contractors in Vermont, builders risk insurance offers protection against some of the negative effects that covered problems can cause.
Builders risk insurance policies are specialized commercial policies that have been designed to meet the needs of contracting companies that work on construction projects. At times, the insurance is also referred to as “course of construction insurance.”
Many contracting and construction companies in Vermont can benefit from having a builders risk policy. Whether building a brand-new structure or remodeling an existing structure, the challenges that come with construction aren’t limited to any one type of work and a policy can help protect most types of projects.
In certain situations, contracting companies that finance their construction projects may be required by the terms of their loan to carry this insurance. Lenders often include such a requirement in loans so that the lender is protected if something happens to a project while it’s in process.
Builders risk policies that protect new single-family homes are widely available from many different insurance companies. Policies that insure remodeling projects of already-built homes often aren’t as widely available, however.
Contracting companies that undertake major remodels and do want insurance for their work should talk with an insurance agent who specializes in builders risk policies. A specialized agent will likely be able to help contractors who have remodeling projects find coverage for their project if it is available.
Exactly what a builder risk policy’s coverage extends to depends on a particular policy’s terms and conditions. Many policies provide coverage for building supplies, hand tools, power tools and larger equipment that’s kept on-site during a project, though. In some cases, peripheral supplies like portable restrooms might also be included in a policy’s coverage.
Most builders risk policies cover lavor that has been invested in a covered project. Should a project be stalled or canceled due to a major problem, this coverage might help a contractor make sure they can pay workers any wages that are due.
Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.
Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!
Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.
There are three main types of builders risk policies, and they provide varying levels of protection:
Some of the risks that a special form policy might exclude include war, earthquakes and similar perils.
For help insuring a construction project in Vermont, contact the insurance agents of Paige & Campbell Insurance. Our independent agents have the freedom to show you builders risk insurance policy options from many different insurance companies in the state, and we have the expertise necessary to help you decide which policy best meets your company’s needs. With our assistance and expertise, you can feel confident that your construction project is well protected.
Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!