The Insurance for builders’ risk, also called construction insurance, covers the contractor’s assets, material, and equipment related to a project or building in construction. It gets used to cover ground-up structures and the renovation of existing systems. The coverage usually lasts until the construction project is completed and approved by the owner through Insurance for commercial properties in Ottawa.

There is no standard form of policy for Insurance on the risk of builders since every construction project is unique. Therefore, this kind of Insurance is frequently overlooked and gets viewed as too complicated by contractors.

A Builder’s Risk Policy Ensures That You Won’t Be Required to Pay for Financial Loss in the Event:

The Structure May Get Damaged in Progress

Builders’ risks can assist in the removal, cleaning up, and resumption of work if vandalism or fire destroy work that gets already done on the insurance project.

On-site Theft

It’s not unusual to find valuable tools, expensive copper wiring, and other materials or equipment to be taken from the construction site. The builder’s risk can assist in covering the loss of assets that get stolen.

Weather-related Damages

The Builders’ Risk helps to cover damage to the structure materials, supplies, and other construction equipment caused by windstorms, hailstorms, and storms that occur during the construction. This policy covers expenses for cleaning and repairing a weather event that isn’t severe, which could damage the insured Structure.

Builders Risk Is a Broad Coverage Policy for All the People Involved in a Construction Project, Including:

  • General contractor
  • Developers and property owners
  • Subcontractors
  • Construction financing by banks

If an accident occurs unexpectedly in construction, everyone may be liable for financial losses. Assuring that everyone is on the same insurance policy is covered for all rights and protects against dispute or finger-pointing.

Are you unsure about Builder’s Risk Insurance? Risk insurance for builders is a crucial insurance policy for projects underway. It’s usually the obligation of the general contractor or owner/developer to buy an insurance policy that will protect the losses of all those who have an ownership stake in the project throughout its construction. Contact Ottawa Commercial Insurance at (613) 454-5640 or email at