If you’re renovating your home or building a business premise, protecting your investment is a vital part of the planning process. Our team at Capital Insurance Brokers 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 Edmonton, we offer competitive insurance rates for homeowners and contractors. However, there can be a significant risk exposure while your renovations are ongoing, creating a need for a course of construction insurance.
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 during 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 you against property claims when you are building a new home, building a new commercial property, adding a second story to an existing structure, or undertaking 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:
- Property Liability: Property liability will cover equipment located on the project premises.
- Bodily Injury: Course of construction insurance protects homeowners and contractors from liability related to bodily injury, including third-party injuries.
- Property Damage: COC protects a structure in progress from damage such as severe weather, fire, and vandalism.
- Soft Costs: Course of construction insurance can 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 needs 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, don’t let your insurance be one more thing on your mind!
Request a course of construction insurance quote from Capital Insurance Brokers today for total peace of mind.
