Builder's Risk Coverage |
Builder's Risk insurance provides coverage for property that is intended to become a permanent part of any project or dwelling, including private garages and similar out buildings. Coverage begins when materials are dropped at the jobsite. Property is described as follows:
- Building materials and supplies
- Equipment, machinery and fixtures
- Fences, foundations, excavations, underground pipes, drains, paving, at any construction premise
- Temporary structure, scaffolding and constructing forms used at any construction premise
- Contractor's reasonable overhead and profit
- Covered property in transit
- Debris removal
- Valuable papers and records
- Outdoor trees, shrubs and plants
- Fire department service charge
- Pollutant cleanup and removal
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| Policy Options |
- Specific location single home (completed value)
- Monthly reporting per start (monthly adjustment)
- Blanket builders risk (annual adjustment)
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Additional Coverage
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Standard Builders Risk Coverage can be modified to include:
- Model homes and contents
- Homes in inventory
- Furniture and appliances
- Trade-in homes
- Flood
- Earthquake
- Permission to occupy
- Extra expense - soft costs
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Renovators Builders Risk Coverage
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If you are a renovation contractor and own the dwelling you are renovating, you can insure the home including the renovation costs. The total value insured must be the 100% replacement cost of the dwelling including the renovation. If the dwelling is not owned by you, the value insured should be the cost of the renovations only.
Coverage for existing structures undergoing renovations can be included or excluded from the Builders Risk Coverage depending on your insurable interest.
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Contractor Tools and Equipment
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When coverage for scheduled equipment is requested, we need an itemized list of equipment that includes:
- Type of equipment
- Serial number
- Cost New/Used
- Date purchased New/Used
Job site trailers and contents are written in conjunction with the builders' risk coverage form by including the contractors' equipment coverage form.
The valuation of the contractors' equipment form is actual cash value unless modified by an endorsement. Included in the coverage option are:
- Contractor's Tools
- Employees' Tools
- Leased and Rented Equipment
- EDP, Data and Media Programs
- Construction Trailers and Contents
Contractor's equipment can be insured for replacement costs, if it is not older than 2 years from the date manufactured.
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Commercial General Liability (CGL)
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This coverage protects Homebuilders from claims arising from alleged bodily injury, personal injury or property damage liability arising out of operations. It includes protection for civil suits arising out services rendered, products sold or operations in general including coverage for accidents occurring in and around premises owned or occupied by the Insured.
Coverage payments include judgments, lawyers fees, court costs, or other related expenses.
In Canada insurance companies issue their own forms, but are generally based on the IBC (Insurance Bureau of Canada) approved form.
Standard Commercial General Liability Coverage can be modified to include:
- Non Owned Automobile Liability
- Damage to Non Owned Automobiles
- Tenants Legal Liability
- Employers Liability
- Additional Insureds
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Bill 124 Architects & Engineers
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The Ontario Associations of Architects is adjusting the insurance limits which practices must maintain to match those requirements for all other designers (engineers, technologists, interior designers) set out in the OBC.
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Annual Billings | Errors & Omissions Insurance Limit Required
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| < $ 50,000 | $ 250,000 |
| $ 50,000 > $100,000 | $ 500,000 |
| > $ 100,000 | $ 1,000,000 |
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Design-Build Projects
If your firm engages in design-build projects, you need broad protection to cover your professional services. That's why Home Builders Insurance Group has developed a professional liability insurance program specifically for you.
We offer comprehensive coverage for claims that arise from negligent acts, errors or omissions in the performance of professional service. The program covers claims for damages to the project itself as well as claims for bodily injury, property damage and economic loss.
The Home Builders Insurance Group's design-build program can be tailored to meet the particular needs of your firm. We can even provide coverage for contracting firms with in-house design capabilities.
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