With more than 120 years of combined experience, Excalibur Insurance Group has been serving the over 5000 families and businesses in Mitchell, Wingham, Clinton, Zurich, Mississauga, London, Kitchener, Owen Sound, Cambridge, Kingston, Oshawa, Guelph, Oakville, Burlington, Peterborough, Hamilton, Waterloo and the surrounding areas of Huron and Perth Counties, Ontario, Canada.
Builders risk insurance is a form of property insurance that covers property owners and builders for projects under construction, renovation or repair. This insurance is similar to Building and Personal Property coverage; the difference being, this coverage is used to cover buildings during the course of construction. The form applies to new construction as well as to renovations, remodeling, and improvements to existing buildings.
Builders risk provides coverage on an “all risk” basis, including theft and vandalism, for accidental losses, damage, or destruction of property for which the insured has an insurable interest. This property can include an entire building or other structure in the course of construction including the building supplies and materials at the job site to be used in the project. The contractor can be named as an additional insured if requested. The contractor’s equipment and tools are not covered and should be specifically insured by the contractor.
Builders risk policies do not cover losses occurring before construction begins or after completion of construction. Construction must be in progress for coverage to exist.
The limit of insurance may equal the full value of the project. Where only a limited percentage of the full project may be exposed to a single loss, coverage may be available for loss limit. When the project is finished, an appraisal is conducted to update any value changes.
This is one of two coverage approaches for construction and renovation risks. The other is provided by a variety of Inland Marine coverage forms. While these forms are basically similar to one another, each takes a different approach to providing the coverage.
Our team of insurance experts can confidently search a number of insurance companies and their offerings to find the best coverage for your business.