Construction & Realty.

Commercial General Liability (CGL) is an insurance coverage that provides financial cover for claims of third-party bodily injury and property damage caused by your business resulting from negligence or unexpected accidents.
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In the event your business is sued, CGL insurance typically covers compensatory damages awarded against you and any legal defence costs, regardless of the lawsuit’s outcome.
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Real estate insurance is typically required for property owners and landlords, buyers and sellers of real estate, as well as businesses that own or lease commercial properties. This includes individuals who own residential properties, such as rented single-family homes and apartment buildings, as well as businesses that own or lease commercial properties, such as office buildings, shopping centres, and industrial properties.

Real estate insurance is important because it provides financial protection against a variety of risks that can affect real estate assets, such as natural disasters, fires, and liability claims. Without real estate insurance, property owners and landlords could be financially responsible for any damages or losses that occur, which could be financially devastating.

Even if real estate insurance is not legally required, it is generally a good idea for property owners and landlords to purchase coverage to protect their assets and financial interests.

Real estate insurance is a type of insurance that protects real estate assets from a variety of risks. This may include insurance for residential properties, such as single-family homes and apartment buildings, as well as commercial properties, such as office buildings and shopping centres.

There are several steps that real estate owners can take to mitigate their risk:
Purchase adequate insurance coverage: Having the right insurance coverage and the right broker working for you can help protect against a wide range of risks, including property damage, liability claims, and loss of income. It is important to carefully review the policy terms and conditions with your broker to ensure that the coverage is adequate for the specific needs of the property.
Conduct regular inspections and maintenance: Regular inspections and maintenance can help identify and address potential issues before they become major problems. This can help reduce the risk of damage or loss due to issues such as water leaks, structural damage, or equipment failure.
Implement security measures: Installing security systems, such as alarm systems, cameras, and secure locks, can help reduce the risk of theft or vandalism.
Follow all applicable laws and regulations: It is important to comply with all applicable laws and regulations, including building codes and zoning requirements, to reduce the risk of fines, penalties, and legal liabilities.
Develop a risk management plan: Developing a risk management plan can help identify and prioritize potential risks and develop strategies to mitigate them. This may include identifying potential hazards, implementing risk control measures, and developing emergency response plans.
Regularly review and update your building evaluations with your broker: Rebuild costs rise every year, if your coverage limits are not keeping pace with inflation you may end up being under-insured or even facing a co-insurance penalty.

Generally speaking, you are responsible for the subcontractors or other individuals you hire to do work for you. This means that if a subcontractor fails to complete their job correctly or on time, you may be liable and need to take corrective action in order to prevent any legal issues from arising.

Additionally, it is important to remember that while subcontractors may be insured, it is your responsibility in many cases to ensure that they have the necessary insurance coverage for the work they are doing either on their own policy or by adding them to your policy.

By taking these steps to protect yourself and ensuring that all contracts are clear and understood by both parties, you can minimize any potential liabilities associated with subcontracting.

Overall, when subcontracting, it is important to understand the potential liabilities associated with the work and make sure that you are adequately protected in case any issues arise. By being proactive and following the necessary steps to ensure that all contracts are understood and followed, you can minimize your risk of legal issues resulting from hiring subcontractors for your projects.

If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.

At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication.

We are in it for the long haul and strive to make a positive impact in everything we do.So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.

Commercial General Liability Insurance typically includes coverage for legal costs and damages related to the following coverage areas:
‍Bodily Injury Liability: Injuries or damage to a third party person or property resulting from your business operations. Product Liability: Property damage or bodily injury caused by a product you sell or supply.
‍Tenant’s Legal Liability: Costs to repair or replace others’ property that you rent or occupy.
‍Personal and Advertising Injury Liability: Allegations of defamation, libel, slander, or false advertising.

There are several factors that can affect the cost of real estate insurance:
Location: The location of the property can affect the cost of insurance, as properties located in areas prone to natural disasters or other risks may be more expensive to insure.
Type of property: The type of property being insured, such as a single-family home or a commercial building, can affect the cost of insurance.
Age and condition of the property: Older properties or those in poor condition may be more expensive to insure due to the higher risk of damage or loss.
Value of the property: The value of the property being insured can affect the cost of insurance. Higher value properties may be more expensive to insure due to the potential for larger losses.
Coverage limits: The amount of coverage being purchased can affect the cost of insurance. Higher coverage limits may result in higher premiums.
Deductibles: Higher deductibles may result in lower premiums, but they also mean that the policyholder will have to pay more out of pocket in the event of a loss.
Policy discounts: Insurance companies may offer discounts for certain risk management measures, such as installing security systems or making updates to the property to reduce the risk of loss.

Commercial Property: This type of coverage may protect against losses due to natural disasters, fires, and other types of property damage.
General Liability: This type of coverage may protect against losses due to claims of injury or damage caused by the property owner or their tenants.
Loss of income: This type of coverage may protect against losses due to a decrease in rental income due to property damage or other disruptions in business operations.
Flood and water damage: This type of coverage may protect against losses due to flooding or water damage, which may not be covered by standard property insurance policies.
Property Management: This coverage protects you from tenant disputes among other issues that may arise from the management of properties.
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Real estate insurance may also cover other risks specific to the property, such as losses due to theft or vandalism. It is important to carefully review the policy terms and conditions to understand what is covered and what is excluded.

Developers, builders, and contractors should consider the following factors when comparing construction insurance programs:
Coverage limits: It is important to ensure that the policy provides sufficient coverage for the value of the construction project and any potential losses.
Exclusions: It is important to carefully review the policy exclusions to understand what is not covered by the insurance.
Deductibles: Higher deductibles may result in lower premiums, but they also mean that the policyholder will have to pay more out of pocket in the event of a loss.
Premiums: The premiums charged by different insurance companies may vary, so it is important to compare premiums and choose a policy that provides the desired coverage at a reasonable price.
Reputation and financial stability of the insurance company: It is important to choose an insurance company that has a good reputation and is financially stable to ensure that it will be able to pay claims in the event of a loss. Make sure you speak to your broker about the rating of the insurance provider they are recommending.
Claim handling process: It is important to choose an insurance company that has a reputation for handling claims efficiently and fairly, as well as a broker that can support you through the process.
Available endorsements: It is important to review the available endorsements to ensure that the policy provides the desired coverage for the specific needs of the construction project.
Policy terms and conditions: It is important to carefully review the policy terms and conditions to ensure that the policy provides the desired coverage and to understand any exclusions or limitations on coverage.Regenerate response

A good risk management plan should include:
Identifying and assessing risks: Analyze the potential threats to a project, including financial, legal, environmental and personnel risks.
Developing strategies: Create strategies to manage each identified risk, such as avoiding it altogether or transferring it to another party.
Metrics and monitoring: Establish methods to measure the effectiveness of risk management strategies and track progress.
Response plans: Identify potential responses for each identified risk, such as redirecting resources or altering the timeline.
Documentation: Document all information related to the risk management plan so that it can be referenced in future projects.
Communication: Ensure stakeholders are aware of and involved in the implementation of the risk management plan.
Review: Regularly review the risk management plan to identify any changes that may be needed.
Reporting: Develop a formal reporting system for tracking risks, evaluating results and communicating findings. Training: Provide appropriate training on risk management principles, processes and techniques to stakeholders.
Follow-up: Monitor and evaluate risks on an ongoing basis to ensure the effectiveness of the risk management plan.

The ultimate goal of a good risk management plan is to reduce and mitigate risk while allowing the organization to move forward in a safe, secure manner. It's important that the strategies developed are appropriate organization, and that they are reviewed regularly. By following these steps, organizations can ensure that their risk management plans are as effective as possible in managing potential risks.

Surety bonds are a type of legal agreement that provide assurance to two parties. A third party, usually an insurance company or other specialized surety provider, stands in between the applicant and obligee with guarantees should any obligations not be met - like a bridge building contractor promising they will complete construction on time for their provincial government client. I

Surety bonds are important for contractors because they provide financial protection and peace of mind to both the contractor and their customers. The bond ensures that the contractor will complete their work in a timely manner, as well as meet all other contractual obligations. If there is any issue with the job completion or payment, then the surety company can help guarantee payment to the contractor or cover any losses incurred by the customer.

Surety bonds also serve as a form of credit for contractors, allowing them to provide proof of their financial capability and stability to potential customers. This is especially valuable for smaller contractors who may not have extensive business experience or a long track record in the industry. By having a surety bond, it allows these contractors to compete with larger, more established companies. In short, surety bonds are an essential tool for all contractors and provide security and assurance that the job will be completed as promised. They can help strengthen relationships between contractors and customers, while also providing financial protection in case of any unforeseen issues or disputes.