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Since 1950, Raley, Watts & O’Neill has been serving the insurance needs of our clients. We started as a one person operation in Lexington Park, MD and are proud of our small town heritage. We have worked hard to maintain the fundamental principles of our roots while we have grown into a company that serves clients throughout the Mid-Atlantic, the United States and Internationally. We pride ourselves on getting it right and taking care of the needs of our clients. We simplify the insurance process and take the time to make sure each of our clients understand their options, what they are buying and where their money goes. Our committed staff has the expertise and extensive experience in a broad range of insurance products and services like Commercial, Personal, Bonding, Safety/Risk Management, Group Health, Life and Financial Services. We would welcome the opportunity to demonstrate to you how working with Raley, Watts & O’Neill is about more than just insurance; it is about a long term relationship. We always strive to never veer from our values – C.A.R.E
Protect Yourself With Builder's Risk Insurance
A gas line explosion...A short circuit that fries electric wiring...Even a lightning strike...Any building site under construction or renovation is highly vulnerable. Builder's Risk insurance will pay for loss or damage to a structure (and, in some cases, of the materials, fixtures and/or equipment used to build or renovate it) caused by a variety of perils - such as windstorms, hail, theft, and vandalism. The policyholder can also extend coverage to include;
  • Property in transit to the job site or stored at a secure offsite location.
  • Scaffolding, construction forms, and temporary structures on the site.
  • Removing debris from covered property.
  • Paying firefighters to save or protect property.
  • Replacing blueprints or construction plans.
As a rule, Builders Risk insurance does not cover losses due to mechanical breakdowns, floods, earthquakes, water damage, or rioting. These policies are often written for a three month, six month, or 12 month coverage term. If the project is not completed by the end of the initial term, it may be extended in many cases, but usually only one time. Coverage ends when the property is ready for use or occupancy. The amount of coverage, usually based on the project budget, should reflect the total completed value of the structure (including costs of materials and labor), but not the value of the land. Depending on the circumstances, either the building contractor, developer, or owner(s) can buy Builders Risk. If a bank issues a construction loan, it will usually require the borrower to purchase a policy. In many cases, showing proof of insurance might be mandatory under city, county and state building codes For more information on this valuable coverage, please feel free to get in touch with our Construction Insurance specialists at any time.  
Gordon O’Neill
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