Residential Course of Construction
Safeguarding New Home Builds and Renovations
What is Residential Course of Construction Insurance?
Course of Construction Insurance is a specialized policy that protects residential construction projects against a variety of risks, such as fire, theft, vandalism, or weather damage. This coverage applies from the time the project begins and continues until the construction is completed and the property is ready for
occupancy. Both homeowners and contractors can benefit from this type of insurance, ensuring that construction projects proceed smoothly without financial losses due to unforeseen events.
Key Benefits of Residential Course of Construction Insurance
Comprehensive Coverage
Protects materials, equipment, and structures on the job site from damage or loss.
Peace of Mind
Ensures that builders and property owners are financially protected in the event of accidents or natural disasters.
Risk Management
Reduces the risk of costly delays or interruptions by covering repair and replacement costs for damaged property.
Flexibility
Policies can be tailored to meet the specific needs of different residential construction projects.
Types of Risks Covered
Fire or Explosion
Damage caused by accidental fire or explosion on the construction site.
Theft and Vandalism
Covers losses due to theft of construction materials or vandalism of property.
Weather-Related Damage
Protection against damage from windstorms, rain, snow, or other natural events.
Damage During Construction
Covers damage to the building or materials in transit during construction.
How Residential Course of Construction Insurance Works
Application
The contractor, developer, or property owner applies for coverage before the start of construction.
Underwriting
The insurance provider assesses the project details, including scope, location, and potential risks.
Policy Issuance
Once approved, the policy covers the construction project until completion.
Claims
If damage occurs during the construction period, the policyholder files a claim, and the insurer covers the repair or replacement costs.
Why Brokers Should Offer Course of Construction Insurance
Essential Coverage for Builders
Protects residential construction projects from costly damages or delays.
Tailored Solutions
Offer clients customized coverage based on the scale and complexity of their projects.
Strengthen Client Relationships
Providing this critical coverage helps brokers build long-term relationships with developers and contractors.
Contact Us for Residential Course of Construction Insurance Solutions
Help your clients protect their construction projects from start to finish. Contact our team for tailored Course of Construction insurance solutions for residential builds and renovations.
FAQs about Residential Course of Construction Insurance
Who needs Course of Construction Insurance?
Contractors, developers, and homeowners involved in new builds or major renovations need this insurance.
When does Course of Construction Insurance begin and end?
Coverage begins when construction starts and ends when the project is completed and the property is ready for occupancy.
What types of damage are covered?
The policy typically covers fire, theft, vandalism, weather damage, and damage during construction.
Can Course of Construction Insurance be extended?
Yes, policies can be extended if construction takes longer than expected, but it must be arranged before the policy expires.
Is liability coverage included in Course of Construction Insurance?
Liability coverage is not typically included but can be added as an extension to protect against injuries or third-party claims.
