Builder’s Risk policies for construction projects.
🏗️ Builder’s Risk Insurance in Canada: A Critical Shield for Construction Projects 🇨🇦
Whether it’s a new build, major renovation, or commercial development, Builder’s Risk Insurance is essential for protecting construction investments in Canada’s dynamic real estate market.
🔍 What Is Builder’s Risk Insurance?
Builder’s Risk Insurance is a specialized policy that protects a construction project during its build phase. It typically covers losses such as:
• Fire, theft, or vandalism
• Weather-related damage (wind, hail, lightning)
• Loss of materials or equipment
• Select soft costs, such as permits or design fees, in the event of a delay
💡 Why It Matters
Construction sites are exposed to a range of unpredictable risks. Without proper coverage, losses can delay timelines, inflate budgets, and create major liabilities for everyone involved—from contractors to property owners.
🛠️ Key Considerations
✅ Who is named on the policy (owner, general contractor, subcontractors?)
✅ Project duration and coverage limits
✅ Inclusion of soft costs and delay provisions
✅ Optional endorsements for flood, earthquake, or system testing
🏗️ A Tip for Canadian Builders:
In today’s environment—marked by supply chain disruptions, inflation, and more frequent severe weather—Builder’s Risk policies must be tailored and thoroughly reviewed.
📣 Whether you’re breaking ground or halfway through construction, ensure your investment is protected from day one.
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