Every build is unique, so your protection should be too.
Project Specific Insurance
Our project-specific construction insurance is designed to safeguard your jobsite from the unexpected, giving owners, contractors, and partners the confidence to move forward with ease. From breaking ground to final walkthrough, we are here to help you navigate risks with tailored coverage that fits the scale, timeline, and needs of your project. With Go Concierge, you get more than a policy, you get a team dedicated to keeping your vision secure every step of the way.
There are two main coverages available in the marketplace to ensure your new construction or renovation project are covered from both a 1st party (Property) and 3rd Party (Liability) aspect. Course of Construction and Wrap-Up Liability Insurance. It is important to ensure you include construction insurance in your preliminary planning as it may be harder to obtain if works are already started. Should a lender be involved, Course of Construction and Wrap-Up Liability may be required prior to funds being released.
Course of Construction Insurance
Course of Construction Insurance, also known as COC or Builders Risk,protects the physical project during construction phase for new and renovation projects. It is a 1st Party property coverage for the structure, materials, and equipment on-site, in transit, or temporarily stored off-site against risks like fire, theft, vandalism. It also provides coverage for certain weather events, such as wind, hail, flood and earthquake. Since standard property insurance doesn’t apply to buildings under construction, this coverage is essential for filling the gap in coverage to keep projects on track.
A Blanket COC policy, also referred to as Annual Auditable COC, might be a great fit and key tool in both your time and risk management plans. Blanket COC is a convenient and administratively time saving insurance program for builders with 5 or more builds annually. Essentially, it is master COC policy that extends individual project coverage to each project over a renewable 12 month term without having to submit each individual project to your broker/insurer as they come up. A deposit based on expected projections is taken at the beginning of the policy with annual reporting at the end of the policy term to audit and adjustment premium to ensure you are only paying for the insurance you used and nothing more.
Wrap-Up Liability
Wrap-Up Liability Insurance provides one comprehensive liability policy for the project owner, contractor, subcontractors, and sometimes consultants on a project specific basis. It protects the Insured’s from 3rd Party bodily injury and property damage claims stemming from the project construction operations and premises. It eliminates coverage gaps, reduces disputes between multiple insurers, and ensures consistent protection against third-party injury or property damage. This is especially valuable on large or complex projects with many stakeholders.
A Wrap-Up Liability policy also provides end of project run-off coverage with a Completed Operations Period extension endorsement. This extension of coverage is typically for 12 or 24 months post project handover and greatly reduces your annual CGL exposure making it an essential tool in your risk mitigation practices.
If you have an upcoming project and would like to discuss how to ensure you are properly protected, please reach out to hello@goconcierge.ca and our team will be in contact with you right away.