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Construction and Development Insurance

No matter what stage your construction project is in: planning, building or nearing completion, we can protect your company’s professional construction project.

We offer a comprehensive construction insurance packages that include essential coverages specific to the industry and type of project.

What is the difference between Course of Construction and Builders Risk Insurance?

This is a trick question: A builders risk policy and a course of construction policy are the same thing. Builder’s Risk (also known as C.O.C.) policies insure the building against physical loss or damage while it is being built or renovated.

Who purchases construction insurance?

Either the building owner or the general contractor is able to purchase C.O.C. coverage for a project. In either case, the interest of both the owner and their contractors is covered under the policy.

Why is the value of the building important?

The insured value on a Builder’s Risk policy or construction insurance should reflect the actual, completed Replacement Cost of the building. If the project burns to the ground on the day before it’s completed, the limit of insurance needs to be adequate to replace what was lost.

When should construction insurance be purchased?

A Course of Construction policy (COC policy) should be put in force from the day shovels hit the ground. If you wait to place the policy later on, the insurance company will likely charge backwards for the time since the project began (and some insurers will not cover the project at all). The reason for this is that insurers price construction policies based on both the completed value and the time it takes to complete.

What is wrap up liability?

All contractors should carry their own liability insurance policies, but on large builds, it can be difficult and time-consuming for a general contractor or a project owner to chase down each and every sub-trade to make sure they have coverage. A wrap-up liability policy is a one-time, project specific policy which provides CGL coverage for all contractors and sub-contractors – from the general contractor right down to general labour. It is a safer and more time-effective way to ensure that nobody on your job site is uninsured against claims for third-party damage or injury.

How much does construction insurance cost in BC?

The cost of a builder’s risk construction insurance policy varies depending on many factors. One major consideration is the value of the building. The coverages you need can also contribute to the cost of construction insurance in BC. For example, coverage for miscellaneous tools and equipment coverage can be added on by endorsement. For a construction insurance quote with the right coverages for your needs, request a quote online

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For more information about Construction Insurance, contact our Business Insurance experts at (604) 543-7788 (toll free at 1-800-899-3093), request a quote online, or e-mail