Course of construction or builders risk
Course of construction (COC) and builders risk mean the same thing in most markets: property cover while a building goes up. This program is for new construction. Renovations of an existing building go on builders renovation.
Program highlights
| Feature | Residential | Commercial |
|---|---|---|
| New construction projects (Coverage A) | Up to $2,000,000 | Up to $2,000,000 |
| Theft of building materials | $25,000 sublimit | $25,000 sublimit |
| Soft costs | $10,000 sublimit | $10,000 sublimit |
| Property in transit and off site | $10,000 sublimit each | $10,000 sublimit each |
| Forms | Named perils and multi-perils | Named perils and multi-perils |
| Replacement cost | Available on multi-perils | Available on multi-perils |
| Liability | Residential premises liability up to $1,000,000 | 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.
Also on the policy
- Vandalism and malicious mischief.
- Additional insureds, such as the lender, at no additional cost.
- Policy terms of 3, 6, 9 or 12 months.
The contractor's CGL requirement
The contractor must maintain commercial general liability of at least $1,000,000 per occurrence. Check it before you submit. A builder without CGL is the most common reason a COC file stalls. Approved also writes contractor liability if the builder needs it.
Before and after the build
Land or a building waiting for work can sit on vacant property cover. Builders who need bid, performance or developer bonds for the same project can send the bond request to the surety desk.
