SWGCONSTRUCT Construction Insurance Is specifically designed to protect the fixtures and/or equipment being used in a renovation or construction project. It covers a person's or organization’s insurable interests should those items sustain physical loss or damage from a covered cause.

Builder's risk insurance is typically bought by the owner of the building or land. Occasionally, if it is stated as a requirement in the contract, the general contractor will buy it instead.

Depending on the size of the construction or renovation project, these policies can be made either on an annual basis or on shorter terms, such as three, six, and nine months. For example, a construction project on a small single-family home can be completed within a three to six-month period, whereas a larger construction project on a row-house complex can take up to two years.

This policy should be put into effect at the first sign of exposure, which may include simple site prep, demolition at the site, or as required by the involved parties, such as financiers. Keep in mind that many insurance companies no longer offer builders risk coverage if the construction has already commenced, even if it is just the foundation.

COVERAGE HIGHLIGHTS

• Our policies are on broad-form basis
• Policies automatically include cover for theft of unfixed building materials for a limit of $40,000
• Cover existing structures as well as the insurable interest of the renovation
• Soft cost
• In-transit coverage is available
• Landscaping, growing trees, plants, shrubs or flowers all to enter into and form part of the project provided that the value of such property is included in the amount of insurance
• Temporary buildings, scaffolding, falsework, forms, hoardings, excavation, site preparation, and similar work, provided that the value thereof is included in the amount insured and then only to the extent that “replacement” or restoration is necessary to complete the project
• Deductibles start at $1,000 and can be customized based on size and value of the construction
• Policies can be customized to allow for shorter periods of construction and can be extended, where required, to provide additional time for completion up to 18 months.

WE COVER:

Course-of-Construction
Renovations/Additions