Coverage is available for the following types of projects:
- Most building project types of fire resistive, non-combustible or masonry construction
- Civil works projects involving construction of bridges, dams, sewers and watermains, etc.
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- Policy form – “all risk” policy, conforms with CCDC 2 insurance requirements
- Policy period – usually for the full duration of the project
- Capacity – projects valued up to $40,000,000
- “All perils” deductible – starting at $10,000 (higher deductibles apply to major perils such as flood, water damage and earthquake)
- Minimum premium – $10,000 per policy. Lower minimum premiums are available for projects under $2,000,000 in value that qualify for our small project program
- Territory – projects in Canada only
- Coverage is “all risk” in scope, providing a broad and uniform scope of coverage which can be tailored to the particular project, insuring the project owner, all contractors and subcontractors, architects, engineers and other project participants having an insurable interest in the project
- Coverage is usually provided for property in transit or situated at other locations off-site
- Perils such as earthquake and flood
- Soft costs not directly related to construction (financial costs, additional interest expenses, leasing and marketing expenses, legal and accounting expenses, and miscellaneous carrying costs)
- Delayed opening loss of income, should a delay in completion result in loss of revenue for the project owner
- Testing
- Equipment Breakdown Insurance
- Bylaws
- Expediting expenses
For all standard submissions, you need to send us:
- A Builders Risk and Wrap-Up Liability insurance application form
- A site plan which outlines neighbouring exposures
- A breakdown of values
- A construction schedule
- A geotechnical report
- Further details: age, construction, occupancy and value of any existing property, in the case of renovation or retrofit project
Once completed, please send all this information to submitapps.ca@victorinsurance.com
Obtain a quote for Construction Small Projects using V², our commercial insurance portal for brokers. Quote, bind and issue projects that meet the following criteria:
- Total project cost up to and including $2,000,000
- The project building is of steel on steel or better construction (note that projects on wood frame buildings are ineligible for coverage)
- The project duration is no greater than 12 months