Builder’s Risk Insurance

Builder’s Risk Insurance

Are you building a dream home? Are you planning to do a significant renovation to your home or commercial space?

Protect your plans and dreams with Builder’s Risk Insurance while your home/space is under construction or renovation.

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Claim Examples

You have stored materials for a large commercial project in your warehouse a few kilometres from the site. A fire breaks out and destroys everything, including all your materials
Your Builder’s Risk Insurance will cover the cost to replace the materials and, your Commercial Property Insurance covers the restoration of your warehouse, totaling $375,000.

During the construction of a condo building, it is discovered that poor caulking on some balconies has allowed cold air to come into the building and caused freezing of some of the piping resulting in water damage
Your Builder’s Risk Insurance will cover the cost to replace the pipes and reseal the affected balconies, totaling $88,000.

Your team is under contract to do an extensive restoration of a historical home before it opens as a museum. Vandals break in overnight and cause significant damage to the property
Your Builder’s Risk Insurance covers the cost of repair toward the damages and hiring additional contractors to complete the project before opening. Total cost covered is $175,000.

Frequently Asked Questions About Business Insurance

Get straight and simple answers to all your business insurance frequently asked questions.

These FAQs were gathered from Canadian business owners like you.

What is the difference between property insurance and builders risk insurance?

Builder’s Risk Insurance is a specialized property insurance that covers you for the duration of your new build or renovation project. It may cover buildings under construction, materials on-site, and/or liability in the event of loss or damage due to external causes such as fire, wind, vandalism, explosion, and slip and falls.

Do I need a builders risk policy if I already have contractors insurance?

Yes. A typical contractor’s insurance policy does not cover buildings under construction. It is essential to cover your building, materials and liability until the project is completed.

Business Insurance is divided among the following lines of business:

• Building owners Insurance
• Builder’s Risk
• Contractors Insurance
• Cyber Liability Insurance
• Directors & Officers Insurance
• Garage Insurance
• Hospitality Insurance
• Legal Expense Insurance
• Malpractice Insurance
• Manufacturers Insurance
• Product Liability Insurance
• Professional Liability Insurance
• Rental Property Insurance
• Retail Insurance
• Wholesalers Insurance

Builder’s Risk Insurance, Explained.

What is Builder’s Risk Insurance?

Builder’s Risk or Course of Construction is insurance that protects your building and liability towards project duration. Home and business owners are often required by the contractor to insure their project with a builder’s risk insurance policy as property claims can be expensive

The property owner typically requires a builder’s risk insurance for the following

  • New home construction,
  • New commercial build construction,
  • Adding a second story or addition on the property; or,
  • Major renovation projects.

What does Builder’s Risk Insurance Cover?

Builder’s Risk Insurance, also known as Course of Construction Insurance, will cover the building, construction materials on-site, and liability in the event of an insurable physical loss or damage due to (as example) fire, theft, or vandalism

This insurance is intended to cover you from the start to completion of the project. We work with you to ensure you are properly and adequately covered every step of the way.

What is the cost of Builder’s Risk Insurance?

The cost of Builder’s Risk Insurance will vary depending on the project itself and the services required

As you are completing our online application, questions will be asked about your business to better understand your needs. The following factors are taken into consideration when determining the best policy options for you

  • Project Cost (Hard and Soft)
  • Value of the Building
  • Type of Project
  • Previous Insurance Claims

What is not covered by Builder’s Risk Insurance?

A Builder’s Risk Insurance policy does not cover damages to the insured property after project completion or damages caused by

  • Water damage (e.g. flooding);
  • Government activities;
  • Mechanical breakdowns;
  • Contractual penalties; and,
  • Faulty design, planning, or materials.

To better understand your coverage limitations, please speak to your broker.

Who needs Builder’s Risk Insurance?

Any individual or business looking to build or do significant renovations should protect themselves and their property with a Builder’s Risk or Course of Construction policy

Some of our clients include

  • Homeowners
  • Business Owners
  • General Contractors
  • Construction Companies
  • Real Estate Developers
  • Renovation Contractors

Who pays for Builder’s Risk Insurance?

Purchasing coverage for a Builder’s Risk Insurance is typically the property owner’s responsibility. When finalizing the details of a construction project, be sure to identify who will be responsible for purchasing this policy and ensure all involved parties are covered.

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