Looking for Builder’s Risk Insurance or Course of Construction Insurance?
This type of insurance will protect your home or building while being constructed, or while major renovations are being done to your property. Our policy will protect you against damage to the building or materials during the construction process. You will be covered from the beginning of your project until its completion.
Builders’ Risk insurance (or Course of Construction Insurance) is a property coverage for the building structure itself, and can be extended to include materials waiting to be installed or transported to the job site. Policies will cover damage resulting from various perils, including fire, theft, lightning, hail, wind, vandalism, or explosion.
We will provide you with every detail regarding your policy coverage, and we’re always available to answer any questions or address any concerns you may have. We care about our clients and believe you should have all the information you need to make informed decisions.
Most project owners ask that their contractor carry this type of insurance. Why? Because standard commercial building policies exclude risks during the course of construction. Builder’s Risk Coverage is critical in any construction project, and our team will ensure you have the right coverage based on your needs and requirements. In addition, damage can occur at any time to any building being constructed. Your Builders’ insurance will protect you against such damage and any liability on your premise.
We specialize in both Builder’s Risk Insurance and Construction insurance, so if you have any questions or require more information, contact isure today. We will gladly provide you with quotes and the best policy, so get in touch with one of our brokers as soon as possible! We look forward to speaking with you.
Industrial Builders Insurance
Construction teams are responsible for building industrial buildings. Industrial buildings include warehouses, assembly plants, labs, mills and factories. Building these locations takes a specialized team that knows how to minimize the risk for both the construction team and their clients. Even with precautions in place, there is always a few unpredictable risks.
We offer insurance quotes for commercial general liability, tools & equipment, mobile property, and commercial bonds for industrial builders.
Real Estate Developer Insurance
Are you looking for New Home Insurance? As a new build constructor, you are responsible for building clients the home of their dreams. As you work with people each day, you will quickly become familiar with the risks involved. You will also come to find that no matter how much caution you and your employees take, there will always be incidents out of your control. When it comes to the unexpected, keep safe with different types of professional insurance.
We offer insurance quotes for commercial general liability, surety bonds, mobile property, and commercial auto coverage for real estate developers.
Course of Construction Insurance
Course of Construction Insurance provides essential protection for contractors, workers, and property owners during active construction projects. It covers accident-related damages that may occur while work is underway, including losses from fires, hurricanes, vandalism, vehicle impacts, and even structural collapse. This insurance ensures that everyone involved is safeguarded from unexpected financial setbacks until the project is complete.
Wrap up Liability Insurance
Wrap-Up Liability Insurance is an all-encompassing policy that provides coverage for contractors, subcontractors, and all other parties involved in a construction project. It protects everyone under one unified policy from general and third-party liabilities, such as property damage or bodily injury claims that may arise during the course of construction. This type of insurance simplifies coverage, ensuring consistent protection for all participants on the job site.
FAQs
about Builder’s Risk Insurance
Who Needs Builder’s Risk Insurance in Ontario?
Builder’s Risk Insurance is essential for anyone with a financial interest in a construction project — including property owners, general contractors, builders, developers, and sometimes even subcontractors. It helps protect against financial loss in the event of damage during construction, regardless of who is at fault.
Is Builder's Risk Insurance Legally Required in Ontario?
No, Builder’s Risk Insurance is not legally required in Ontario. However, many banks, lenders, or project stakeholders may require you to have it before work begins. Even when it’s not mandatory, it’s highly recommended to protect yourself, your team, and your investment from unexpected damages or accidents during construction.
How Long Does a Builder’s Risk Policy Last?
A Builder’s Risk Insurance policy typically lasts for the duration of the construction project. Policies are usually written in terms of three, six, nine, or 12 months, depending on the project timeline. If construction takes longer than expected, the policy can often be extended to ensure continuous coverage until the project is completed.
What are Hard and Soft Costs, and What Does a Builder’s Risk Insurance Policy Cover?
Hard costs refer to the tangible expenses of a construction project, such as materials, labour, and supplies. These types of expenses are typically covered under a Builder’s Risk Insurance policy. Soft costs include indirect expenses, such as accounting fees, developer and consulting costs, as well as real estate and property taxes. These soft costs are not automatically included in a Builder’s Risk policy, and must be specifically added to your coverage to ensure full protection.
What is Not Covered by Builders' Risk Insurance?
Builder’s Risk Insurance only covers losses that occur during the active construction period. This means the project must have already begun for coverage to apply. Any damage or loss that happens before construction begins or after the project is completed will not be covered by this policy. Additionally, most policies exclude losses caused by improper workmanship or materials, as well as damages resulting from work stoppages due to natural disasters, such as earthquakes or floods.
Does Builder’s Risk Insurance Cover Renovations or Remodels?
Yes, Builder’s Risk Insurance covers projects related to renovation and remodeling to buildings.
Who Buys Builder’s Risk Insurance — the Contractor or the Owner?
Both contractors and project owners can purchase Builder’s Risk Insurance, but it’s usually the owner who buys the policy, as they have the greatest financial interest in the successful completion of the project. Contractors may also obtain coverage to protect their work or materials.
What Happens if Construction is Delayed?
Builder’s Risk Insurance can be adjusted to cover project delays, but if this isn’t done, the policy may expire before construction is complete. It’s important to update your insurer if timelines change to ensure continuous coverage throughout the project.
Does Builder’s Risk Insurance cover liability claims?
No. Builder’s Risk Insurance does not cover liability claims. To protect against injuries or damages to third parties, you would need separate policies such as General Liability or Wrap-Up Liability Insurance.
Can Builder’s Risk Insurance Be Transferred to the Property Owner After Construction?
No. Builder’s Risk Insurance usually ends once construction is complete. Afterward, the property owner should obtain policies like Wrap-Up Liability Insurance and Property/Realty Insurance to protect the finished building.
How Much Does Builder’s Risk Insurance Cost in Ontario?
In Ontario, Builder’s Risk Insurance typically costs 1–4% of the total construction project value, depending on factors like project size, location, and risk level.
Contact us today for a Builder’s Risk Insurance quote!
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