It’s been said the size of its construction industry can measure a country’s prosperity. After all, the construction industry builds and maintains the infrastructure of our cities and communities – from our homes and energy grid to the transportation networks and roads we use.
According to the Canadian Construction Association, the Canadian construction industry contributes about $151 billion to the economy annually, accounting for 7.5% of Canada’s gross domestic product (GDP).
As you might expect, many risks are associated with being in the construction industry, which puts the onus on contractors and renovation experts to ensure they’re not exposed to the financial impacts of an accident, incident, or lawsuit. That’s where builder’s risk insurance comes into play.
Also known as course of construction insurance, a builder’s risk policy is a form of property insurance designed to prote