Builder’s Risk Insurance

Builder’s Risk Insurance is an important coverage for contractors all over Canada to protect their business and projects from costly claims. All contractors should consider protecting their projects with builder’s all risk insurance policy.

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What is Builder’s Risk Insurance?

Builder’s risk policy is a special type of property insurance that covers buildings, structures, and related materials during the course of a construction project. Contractors are often required by clients to insure the project with a builder’s risk insurance policy, as property claims can be expensive and the risk of damage is often high.

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What does Builder’s Risk Insurance cover?

Builder’s risk coverage includes the cost of property, structures, construction material present on site in the event of loss or damage due to perils such as fire, wind, theft, vandalism, hail and explosion. Carefully read your builders risk policy as it will most likely exclude damages from earthquake, employee theft, water damage and mechanical breakdown.

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Who needs Builders Insurance?

Any contractors working on a construction or renovation project should strongly consider insuring the project, structure under construction, and materials with a builders risk policy. The cost of all material involved can be extremely high and may lead to severe monetary loss if damaged. Often times, clients, especially reputable commercial clients, will refuse to work with a contractors who fail to acquire a builders risk insurance policy. If you have purchased contractors insurance, you may still require builders risk insurance for new proejcts that you take on.

How much does Builders Risk Insurance cost?

The cost of your builders risk policy will depend on a multitude of factors. Most importantly, the premium rate will be affected by the total cost of construction project. Other factors that will affect your premium rate would be the specific coverage inclusions and exclusions in your policy. For example, if you want to add damage from earthquakes or employee theft, the premium rate will go up. The location of the project, type of project and builders experience working on similar projects may also be factored in.

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Frequently Asked Questions about Builders Risk Insurance

What is the difference between property insurance and builders risk insurance?Khaled Bashir2019-09-05T17:55:11-04:00

What is the difference between property insurance and builders risk insurance?

Builders risk insurance is a special type of property insurance that only applies to projects undergoing extension. It may cover buildings under construction, scaffolding, structures and materials on-site in the event of loss or damage to some external causes such as fire, wind, vandalism, explosion, and theft by a third-party (employee theft is usually not covered).

Does builders risk insurance include coverage from all forms of damage?Khaled Bashir2019-09-05T17:56:18-04:00

Does builders risk insurance include coverage from all forms of damage?

Your builders risk policy may have exclusions or limitations, so make sure you understand the scope of your coverage. Damage due to fire, wind, vandalism, explosions, and theft are usually covered, and damage due to earthquake, water damage, employee theft, war and voluntary parting are usually excluded unless specifically requested to be included under the coverage.

Do I need a builders risk policy if I already have contractors insurance?Khaled Bashir2019-09-05T17:55:44-04:00

Do I need a builders risk policy if I already have contractors insurance?

You may need additional coverage for builders all risk insurance even if your contracting business is already insured with a contractors insurance policy. A contractors insurance policy usually consists of general liability insurance, which covers injury and property damage to third-parties, property insurance, which covers expensive tools and equipment in cases of damage from external factors, and equipment breakdown coverage, which covers damage to equipment due to internal causes such as electrical breakdown or operator error.

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