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CONSTRUCTION COVERAGE
Policies are intended to cover the replacement cost of a project if damages or losses occur during or before completion of a project. Various coverage options are available for builders risk policies including blanket coverage extended for multiple projects, or single project coverage should there be a single location. Common coverage limits include hard cost, soft cost, and others.
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COC Hard Cost
Costs directly related to construction and actual values of property on the construction site, not limited but including, materials and labor cost of the project, roofing, HVAC, and wood frames, subject to exclusions.
COC Soft Cost
Other project related expenses, but not limited to, fees for architects and engineers, marketing and advertising, legal, financing and administrative fees, subject to exclusions.
Course of construction coverage on a broad form basis will provide coverage for perils not limited too but against fire, lightning, windstorm, theft, while protecting:
01 Replacement cost of the building or insured project
03 Materials and property during transit to the construction site
04 Landscaping elements, including trees, plants, shrubs, or flowers, that will be integrated into the finished project
Currently, blanket course of construction policies are only available to clients who carry Millennium Insurance Home Warranty coverage.
Wrap up liability intends to provide comprehensive liability coverage for an entire construction site protecting multiple parties involved under a single policy. Coverage is offered and compatible with project specific builders risk policies and commonly applies to various contractors, subcontractors, builders, and owners. Wrap up insures those involved carry the same liability limits while avoiding any coverage gaps or overlaps. Broad form Wrap Up coverage also extend to include:
01 Products and Completed Operations with up to 24 month indemnity period
02 Tenants Legal Liability
03 Medical Payments
04 Forest Fire Fighting Expense
05 Non-Owned Auto Liability
If a third party suffer an injury on the construction site, or if a subcontractor’s error leads to a lawsuit, wrap up coverage ensures adequate protection for the project owners and those parties involved under the policy.
FOR BROKERS
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Sherwood Park, Alberta
T8H 0Y6
Main Office
Phone: 780-467-1500
Fax: 780-467-0004
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