Builders Risk Insurance — Cover the Project Until Handover
Fire, theft, wind or vandalism on a site under construction is rarely covered by a standard property policy. Builders risk protects the structure, the materials and the work in place until the project is delivered.
What is Builders Risk Insurance?
Builders risk insurance (also called course of construction insurance) covers buildings and structures while they are being built or renovated, along with materials, supplies and equipment on site. Coverage usually runs from the start of work until the project is completed and occupied or sold.
What's Covered
- The structure under construction and materials on site
- Materials and supplies in transit or stored off site
- Fire, windstorm, water damage, theft and vandalism
- Renovations and additions to existing buildings
- Soft costs and debris removal after a loss
- Delay in completion and related financing costs (optional)
Who Needs This Coverage?
General contractors, developers, home builders, renovators and owners acting as their own builder. Lenders and project owners commonly require proof of builders risk before the first day on site.
How Much Does It Cost?
Builders risk premiums in Canada are usually based on the completed project value, the construction type and the build duration — small renovations often start around $95/month equivalent, with larger projects rated per $100 of value.
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Did You Know?
Many commercial contracts and leases require proof of insurance before you can start work.
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