What is Builder’s Risk Insurance?
- A type of property insurance which indemnifies against damage to buildings while they are under construction
What is Covered?
Builder’s Risk Insurance, also known as Course of Construction Insurance, covers the building, construction materials and premise liability (hard and soft costs) in the event of physical loss or damage due to an insured event, such as fire, theft, or vandalism.
A Builder’s Risk Insurance policy covers you from the beginning to the end of the project. We work with you to ensure you are properly covered every step of the way.
Types of Projects Insured by FCA Surety
New Condominium Construction
New Low-Rise Housing Developments
ICI Sector Projects over $1M
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Frequently Asked Questions
How much does Builder's Risk Insurance cost?
This depends on the size, scope and duration of your project. The price is a reflection of the total insured value (hard costs plus soft costs) * monthly rate * duration.
When do I need to have my Builder's Risk policy bound and in place?
We recommend that your policy is in place prior to the start of any site works. This is also dependent on the construction financing requirements.
Do I need a Builder's Risk policy if I already have contractor's insurance?
This will depend on the type of contract you are signing. The standard CCDC2 contract does require contractors to purchase Builder’s Risk coverage for all projects.
How can I get a quote?
It all starts with a conversation, please head to our Contact Us page and choose any method of your preferred type of communication to talk to us.