Why Choose Approved Casualty & Surety for Builders Risk Insurance
Serving you Throughout Canada
We pride ourselves on being a leading broker in Canada. We are the Building Risk Insurance Experts.
Industry Expertise and Knowledge
We provide expert counsel and years of industry experience to negotiate fast approvals for the clients we serve.
Tailored Insurance Coverages
We have developed tailored insurance packages that take into account new home renovation trends and new material costs.
What is Builders Risk Insurance?
Builders risk insurance, also often referred to as Course of Construction insurance, is a type of insurance policy that provides coverage for the building structure and building materials used during the construction process. It protects the builder, owner, or contractor against losses or damages that may occur during the construction phase, such as theft, fire, wind, and other perils. It takes the place of the Homeowners insurance policy during the build.
Homeowners require protection against unforeseen events: Building a new home or renovating an existing one involves a lot of risks, including natural disasters, theft, and accidents. A builder's risk policy can provide financial protection for these risks.
Builders Risk protects against losses: If a fire, theft, or other damage occurs during the construction process, the homeowner could be left with significant financial losses. A builder's risk policy can help mitigate those losses.
If you require funding for your build, Builders Risk Insurance may be required by lenders: Many lenders require builder's risk insurance before they will approve a loan for a construction project.
Contractors or large builders need Builders Risk Insurance because they are responsible for protecting the structures they are building until they are completed and turned over to the property owner.
Builders Risk protects Contractors against property damage. Contractor's equipment, tools, and supplies are at risk of being damaged, lost, or stolen during construction. A builder's risk policy can help cover the costs of replacing or repairing these items.
Builders Risk Insurance helps manage risks by providing them with peace of mind that they are protected in the event of unforeseen circumstances.
Some clients may also require contractors to carry builder's risk insurance as a condition of their contract.