Builders Risk Insurance for Martha's Vineyard Construction Projects

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What Is Builders Risk Insurance?

When you're building or renovating on Martha's Vineyard — whether it's a beach cottage update or a brand-new waterfront home — your investment is exposed from the first day work begins. Builders risk insurance (also called course of construction insurance) is designed specifically for this gap: it covers your structure and on-site materials during construction, for damage from events like fire, theft, vandalism, and storm — subject to the terms of your specific policy.

Your existing homeowners policy almost certainly does not extend to a property under active construction. A builders risk policy fills that gap from groundbreaking right through to the day you receive your certificate of occupancy.

Coverage terms, limits, and exclusions vary by carrier and policy. Speak with a Sterling advisor to understand exactly what your project requires.

Why Building on Martha's Vineyard Is Different

Island construction comes with challenges that mainland projects simply don't share — and your insurance coverage should account for them:

  • Coastal weather — Open-frame structures and staged materials are vulnerable to nor'easters, high winds, and sudden storms that hit the Island with full force

  • The ferry factor — Everything arrives by boat. If materials are damaged or stolen, replacements take longer to source and deliver, extending your project timeline and financial exposure

  • Elevated project values — MV construction costs run significantly higher than mainland averages. Carrying coverage limits that reflect real replacement costs — not mainland benchmarks — is essential

  • Summer deadlines — Many Island owners build on compressed schedules to hit a summer move-in. Tighter timelines mean more activity, more workers on-site, and a larger window of risk

    What Your Policy Can Cover

    A builders risk policy can be structured to protect:

    • The structure itself — framing, roofing, and permanently installed components

    • Materials on-site and in transit — including supplies temporarily stored off-site awaiting delivery

    • Soft costs — architect fees, permit re-filings, and additional carrying costs caused by a covered loss may be available as a policy endorsement

    At project completion, your advisor can walk you through transitioning to a permanent homeowners policy — something worth planning for before construction ends, not after.

    Policy structure and available endorsements vary. Contact Sterling to review your specific options.

    Is This Coverage Right for You?

    Builders risk is worth discussing with your agent if you are:

    • A homeowner planning new construction or a significant renovation on Martha's Vineyard

    • A developer building a spec home or investment property on-Island

    • A general contractor responsible for a structure under your contract

    • Working with a lender — many banks require proof of builders risk coverage before closing a construction loan

    If you're unsure whether your current coverage protects a project in progress, a quick conversation with your agent can save you from discovering the gap at the worst possible moment.

    Sterling Insurance Group — Built for Island Projects

    Sterling is a Martha's Vineyard–based independent insurance agency, which means we work for you — not for a single carrier. That independence lets us find coverage from companies that genuinely understand coastal and island construction, not just companies willing to write a policy.

    Our team has helped MV homeowners, developers, and contractors protect projects of every size — from modest renovations to multi-million-dollar waterfront builds. We know which coverage gaps show up most often on Island projects, and we know how to address them before a claim does.

    Ready to talk through your project?[Get a Quote] or call (508) 687-2750 — we're happy to walk through your specific situation.