Builders Risk Insurance and Course of Construction Insurance
Are you in need of a builders risk insurance policy or performing a course of construction on your home?
Look no further, we can help provide a same day quote
If you want to learn all about why you need this coverage, read on as we break down the details below or simply book a call to chat with James here.
When a home is either under major renovations or a new property is being built from the ground up, a specialized policy is required. This is because a normal homeowners insurance policy specifically excludes coverage for new buildings or major renovations. Not to worry, we can help and have multiple insurance companies interested and ready to take on your project.
So let’s breakdown the process of what insuring your property will look like:
- Simply book a call or fill out the quick and easy questions in our form below.
- Get personalized advice from James Inwood, a broker of 12 years with experience helping hundreds of homeowners with insurance in this area.
- We can put together a customized insurance quote proposal to talk through for coverage and duration options.
Our goal is to make the process of changing or obtaining new insurance feel complete and comprehensive. In most cases your primary home or secondary home can be the largest investment of your life and should be treated with care and expertise.
Sometimes I hear from homeowners who are distraught or being dropped by the existing insurance company. I get it, this can feel like a break-up you didn’t want right now but you guys are just not well suited for each other anymore. As mentioned above, it’s better you know now as homeowners policies cite specific wording excluding coverages you could need. With lenders (mortgage(s) involved you certainly don’t want to gamble on coverage or the scare of having even a minor claim denied.
Let’s look at some of the risks with the scope of builders risk insurance:
General Liability and Lawsuits
Different trades, contractors and specialists will be on your property performing work throughout the project timeline. A liability lawsuit typically arises from personal injury or property damage. With a drastic increase in personal injury lawyers in Ontario, Canada it’s essential to think of the liability risk here. When a regular policy excludes coverage for exposures like building or renovating liability coverage is impacted as well or not available for liability to respond. Slip and fall, workers injury, catastrophic injury, electrocution are all just some examples of claims our carriers have seen on sites.
Property Damage to others
With walls going up or coming down there is a risk a neighbour, city or township property gets damaged. When somebody else suffers property damage due to your building a claim can occur. Again, lawyers will look to blame the trade, homeowner and anyone else they can get their hands on.
Water damage
Sewer back-up, flood or pipes bursting / rupturing are a higher exposure when renovations are going on. We always look to consider the options available to place a water coverage like sewer back up, a flood insurance limit on the policies we offer.
Fire, Hail, Wind
Some things are beyond our control and we can’t supervise everything going on during the project. I get it we want to, even as much as some of my clients have tried…Karen in Oakville is that you?! These are basic perils that are included in all of our builders risk policies. Let’s work together to make sure we cover all the bases.
Ensuring all parties that operate on your site have their own insurance called commercial general liability (CGL) is crucial. Larger projects usually require this as a minimum for trades to get on site. This will cover the participants against property damage and injury for work they are directly negligent for but it doesn’t guarantee you are shielded from blame either. It’s better to ensure all parties are covered to limit or stop “out of pocket” uninsured damages falling back on you as the homeowner. Talk to James more about a plan here!
James will run through details around your project and talk about features you have in place or may have thought about for risk management. Things like:
- Exterior cameras, fencing, night time lighting, water shut-off all come to mind. Additionally, how often will a licensed general contractor be on site? How much experience does this company have and what scope of work do they normally handle?
I’m sure you may have some questions or thoughts around your project and I would love to hear more about it. Book a call today or fill out the form below.
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