Builder's Risk Insurance.
From large multi-family or commercial builds to high value homes or major renovations. Protect your investment with Builders Risk Insurance.
What is Builder's Risk Insurance?
Builder's Risk Insurance, also known as Course of Construction Insurance is a type of insurance that protects the construction of a building from start to finish covering both the property and the liability of the build.
As any builder knows, starting a construction project is a huge investment. Not only do you have to worry about the cost of materials and labor, but there's also the risk that something could go wrong. That's where builder's risk insurance comes in.
During construction, there are many moving parts to consider, and it's essential to make sure that the project is covered for the duration of the build. This way, you can rest assured that your investment is protected.
Why choose Summit?
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates across leading insurance companies to ensure you get the best price on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Builder's Risk Insurance FAQs
Business Insurance can be complicated. We're here to help.
Builder’s Risk or Course of Construction is the type of insurance that protects your building and liability for the project’s 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 multi-family apartment or home construction
New commercial build construction
Major renovation projects.
Coverage can be placed by either the building owner or the general contractor. Both can purchase C.O.C. coverage for a project. Ultimately, the interest of both the owner and their contractors is covered under this policy.
Builder’s Risk Insurance, also known as Course of Construction Insurance, covers the building, construction materials on-site, and liability in the event of physical loss or damage due to an insured event, such as fire, theft, or vandalism.
A Builder’s Risk Insurance policy covers you from the beginning to the end of the project. We work with you to ensure you are adequately covered every step of the way.
All contractors should carry their own liability insurance policies. Still, it can be difficult and time-consuming for a general contractor or a project owner to chase down every sub-trade to make sure they have coverage on large builds. A wrap-up liability policy is a one-time, project-specific business liability policy that provides coverage for all parties involved in the project. Those include the owner, general contractor, contractors, sub-contractors, consultants and suppliers who perform work on the project site. It’s a safer and more time-effective way to ensure that nobody on your job site is uninsured against claims for third-party damage or injury.
Here are some benefits of wrap up liability:
Certainty that all parties involved in the project have uniform business liability insurance coverage, limits, and deductibles.
Eliminates the administrative headache of collecting and managing Certificates of Insurance from each and every party involved in the project.
The claims management process is simplified with a single wrap-up policy vs. multiple insurance policies carried separately by each and every party involved in the project.