If you’re building or planning major renovations to your business, protecting your investment is a vital part of the planning process. Our team at Capital Insurance Brokers Stony Plain understands the need for proper insurance coverage, especially when it comes to renovations, additions, and construction on your property. As local independent insurance brokers in Stony Plain, we offer competitive insurance rates for both homeowners and contractors to cover project risks such as fire and vandalism while construction is ongoing.
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What Is Course of Construction Insurance?
A course of construction insurance (COC), also known as builder’s risk insurance, is a type of coverage that protects property owners, developers, and contractors for major renovations and construction projects.
Having a course of construction insurance will ensure that your investment is protected in the case of loss or when a rebuild is required.
Course of construction coverage can protect the hard costs (and potentially soft costs) your project against loss or damage from fire and other perils when building a new home, building a new commercial property, adding a second story to an existing structure, or undertaking other major renovations.
COC insurance provides coverage for property owners, homeowners, and contractors, as well as the job site, materials, and buildings under construction.
What Does Course of Construction Insurance Cover?
Whether you choose a base policy or additional endorsements, course of construction insurance typically covers:
- Liability for Property Damage: A course of construction policy may include coverage for liability arising
from third-party property damage due to the construction activities of the project. - Bodily Injury: Course of construction insurance can also protect both homeowners and contractors from liability related to bodily injury, including third-party injuries.
- Soft Costs: Course of construction insurance may, at additional cost, have the option to cover additional expenses such as fencing, scaffolding, temporary structures, landscaping, and signs.
There are also additional coverages that can be added to tailor COC Insurance to your unique needs!
Who Needs Course of Construction Insurance?
Any individual or business looking to renovate or build a new home or building should consider course of construction insurance to protect themselves and their project.
Here are the most common groups of people who require COC Insurance:
- Renovation contractors
- Real estate developers
- Construction companies
- General contractors
- Business owners
- Homeowners
Common Claims
A common course of construction losses and claims include:
- Water Damage
- Collapse
- Vandalism
- Fire
- Wind
Capital Insurance Brokers Has You Covered!
When you’re about to undertake a renovation or construction project in Stony Plain, don’t let construction insurance be one more thing on your mind!
Request a course of construction insurance quote from Capital Insurance Brokers Stony Plain today.
