Risman Insurance Agencies works with project owners, developers, general contractors, and trade contractors across Massachusetts to help them explore Builder’s Risk and Installation Floater options that align with their projects.

Insurance coverage cannot be added, deleted or changed until confirmed in writing from our office.

What Is Builder’s Risk Insurance?

Builder’s Risk (sometimes called “course of construction” coverage) is a type of property insurance designed for buildings while they are being built, significantly renovated, or added onto.

Depending on the policy, Builder’s Risk coverage may address:

• Buildings or structures under construction
• Materials and supplies used in the project
• Certain temporary structures (such as scaffolding or fencing)
• Some soft costs or extra expenses after a covered loss (varies by policy)

Coverage is typically written for a specific project, location, and time period, and is subject to defined limits, deductibles, terms, and exclusions.

👉 Learn more about ground-up projects in our guide: Dwelling Under Construction Insurance in Massachusetts

What Is an Installation Floater?

An Installation Floater is similar in concept to Builder’s Risk but is typically designed for trade contractors who furnish and install materials, equipment, or systems at a job site.

Depending on the policy, an Installation Floater may help address:

• Materials and equipment while stored at your shop or yard
• Property in transit to the job site
• Materials and equipment at the job site awaiting installation
• Certain damage to covered property before the project is accepted

Installation Floaters are commonly used by electrical contractors, HVAC contractors, plumbers, and other trades responsible for supplying and installing major building components.

Builder’s Risk, Renovation, and Vacant Properties: Key Differences

Understanding how Builder’s Risk differs from other property scenarios can help prevent coverage gaps.

Dwelling Under Construction: Ground-up construction projects typically require Builder’s Risk or similar construction-specific coverage. Standard homeowners or property policies are generally not designed for this phase.

Read more about dwellings under construction →

Homes Under Renovation: Renovations involve an existing structure and may require policy adjustments, endorsements, or specialized coverage depending on the scope of work.

Insurance considerations for a home under renovation →

Vacant Properties: Vacant homes present a different risk profile and are subject to specific policy definitions, time limits, and coverage restrictions.

What to know about vacant homes in Massachusetts →

Coordinating Coverage With Contracts

Construction contracts in Massachusetts often include detailed insurance requirements. These may address:

• Who is responsible for purchasing Builder’s Risk coverage
• Which parties must be named as insureds
• Project values, limits, and deductibles
• How change orders or timeline extensions are handled

We can help review the insurance-related portions of contracts (not legal advice) and coordinate coverage to align with project requirements.

Who Typically Uses Builder’s Risk or Installation Floaters?

• Project owners and developers
• General contractors
• Homebuilders and remodelers
• Trade contractors (electrical, HVAC, plumbing, mechanical, etc.)
• Commercial property owners making major improvements