Builders Risk Insurance for Contractors and Subcontractors
FCA is Canada’s Construction Insurance Expert Since 1919
FCA has been providing Canadian companies with commercial insurance since 1919. We have set the industry standard for turnaround time for both new and existing clients. We pride ourselves in ensuring our clients are receiving the best suite of coverages at a fair price.
To get started with your liability coverage, you will need to complete a Builders Risk application. More complicated projects will require further information including:
- Site Plan
- Construction Budget
- Construction Schedule
- Geotechnical Report
- Environmental Site Assessments Phase 1 and Phase 2
The insurance company is focused on analyzing the project and determining any potential claims that can arise. This information outlines and allows for understanding of the full scope of your project. They also look for experience in building similar projects. Having experience or hiring an experienced contractor for your project makes the insurance company more comfortable and the result can be favorable terms.
It is often debated when a Builders Risk policy should start. For a new build construction, the Builders Risk policy should start when the footings are being poured. For other types of projects, such as reconstruction, the Builders Risk policy should start once construction begins. However, this is subject to change if a lender or consultant is involved as they may want proof of coverage or a certificate of insurance before funding the project or allowing any contractor on site.
A Builders Risk policy is a requirement under the CCDC 41 insurance requirement section. Any general contractor or sub-trade signing this type of contract should be aware of this requirement. The Builders Risk policy is project specific so a contractor needs to incorporate this additional cost when preparing their bid for a project.
FCA did a great job in assisting me throughout the process. Not only from a bonding aspect but other aspects to relating to attaining approvals, builder’s risk insurance and other financial approvals. Would definitely and highly recommend them.
FCA covers us for all our business requirements, from equipment to liability, property, builds and everything in-between. Errol Williams is so patient and helpful; I am always confident that we are getting the best possible coverage at a competitive rate. Always the best service!
Jamie and his team have been great to deal with, providing transparent advice and excellent service!