Builders risk for existing buildings
Builders risk is the umbrella term for property cover during construction. This program, builders renovation, is for work on a building that already stands. Ground-up new builds go on course of construction.
The property types are single-family homes, apartments, commercial buildings and mixed-use buildings.
Program highlights
| Feature | Residential | Commercial |
|---|---|---|
| Existing building (Coverage A) | Up to $2,000,000 | Up to $2,000,000 |
| Total insured value | Up to $3,000,000 | Up to $3,000,000 |
| Renovation project cost | Up to 150% of building value | Up to 150% of building value |
| Theft of building materials | $25,000 sublimit | $25,000 sublimit |
| Forms | Named perils and multi-perils | Named perils and multi-perils |
| Replacement cost and theft | Available on multi-perils | Available on multi-perils |
| Other structures and personal property | Up to 20% of Coverage A, max $250,000 | Up to 20% of Coverage A, max $250,000 |
| Liability | Premises liability up to $2,000,000 | Liability up to $2,000,000 |
Limits shown are program maximums from the current program highlights. Every risk is subject to underwriting, and terms are set on the file.
Projects the program takes
- Remodelling and interior renovations.
- Repairing existing damage after a loss.
- Adding a second storey.
- Project starts and modular homes.
- Vandalism and malicious mischief cover is included.
Terms that match the project
Policies run 3, 6, 9 or 12 months and can be extended up to 18 months. Arrange any extension before the policy expires. Projects slip, and a lapse in the middle of a renovation is the worst time to look for a new market.
One market for the whole property lifecycle
The same program family covers the property before, during and after the work: vacant dwelling while the building sits empty, builders renovation during the work, and course of construction for new builds. One submission process for all three.
