Insurance jargon: What do the terms really mean?
It’s important to be specific, especially when it comes to insurance issues. You need to know exactly what you’re covered for, when your coverage can
Construction Projects Insurance
We know that construction risks come in different forms. Exposures can vary in size, complexity, and duration, and they can evolve as the project continues. We’ve built our construction project insurance coverage with these facts in mind.
We can design a solution that will help protect your business from financial loss, damage, and project interruption.
What types of coverages are included?
Our insurance addresses all sorts of risks construction professionals may meet over the course of a project, whether residential, commercial, institutional, or infrastructure-related.
When can construction projects insurance come to your rescue?
When a project involves many people, many tasks, and many risks, problems can arise quickly. The key is to have the support you need to react immediately and get things back on track as soon as possible.
There are a few features in your project insurance policy that can be particularly helpful in these situations. They fall under the two main coverages: Builder’s Risk and Wrap Up Liability.
As a construction project unfolds, more materials accumulate, and more effort goes into the work. That means there’s more to lose if something was to damage or interrupt the project during the course of construction – in fact, losses could easily total in the millions.
Builder’s Risk can insure project owners and contractors for their labour, equipment, temporary infrastructure, or building materials against common perils like fire or theft while the project is underway. It includes:
- Project Interruption Costs
- Testing of Building Systems
- Sewer & Road Extension
- Pollution Clean Up & Removal
This coverage is another typical requirement in building construction, renovation, and heavy civil projects, but it involves liability instead of property protection. It’s widely used in large construction contracts, where many parties need uniform coverage but each person may need to access the coverage individually.
Like Commercial General Liability – but more specific to construction projects – Wrap Up Liability is designed to protect construction contractors and subcontractors from third party and general liability exposures. It can help if a lawsuit is brought against them during the project and includes:
- Project Specific Coverage
- Non-Owned Automobile
- Remedial Work Coverage
- Completed Operations Period
Managing Risk
We know that your unique set of risks can differ from the risks other construction and contracting companies face. We believe that you can avert some of those exposures with the right information and some smart guidance.
Our value-added services focus on helping you identify and mitigate the risks your business faces each day. From fire and theft to water damage and third-party injury, construction hazards can come in many forms. In-person consultations and project site assessments carried out by experienced Risk Services experts can leave you with the knowledge and confidence you need to protect every aspect of the business you’ve worked so hard to build.
Resources for Construction & Contractors
Understanding construction site management: The key areas of a well-managed jobsite
In order to avoid losses from fires, theft, and injury, it is important to properly manage your construction site. Construction site management includes establishing site
Key tips on how to prevent flood damage
Steady downpours, raging rivers, and rising water levels often lead to flooding, and that’s a growing concern for businesses. According to the Red Cross, floods