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Building Construction Insurance Explained

Building Construction Insurance Explained
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Coverage 101 – building construction insurance explained

Job site risks are everywhere. Lots can happen from the moment you dig for a foundation to the day you hand over keys to a newly build commercial property. This is why getting custom fit building construction insurance is so important. 

Here’s what it is. And how it works.

Building construction insurance is a type of property insurance specifically designed to cover property during the course of construction, including renovation and repair. Building construction coverage is typically is purchased by either the property owner or contractor.

Failure to disclose can exclude or void coverage.

This insurance product is essential if you are making major renovations or constructing a building in Canada.

It’s needed because most commercial property policies will exclude or null and void coverage if major renovations or construction are above a certain threshold and not fully/properly disclosed to the incumbent property insurance company.  

There are additional risks and responsibilities inherent in this type of work that a typical property policy is not designed or priced to cover.  

All parties that have property involved in the project should be named in the building construction insurance policy.

This may include the owner, contractor, subcontractors, the financial institution funding the project and, in some cases, the architects and engineers also.

Working with experienced building construction commercial brokers Toronto, ON, Calgary, AB, Vancouver, BC and everywhere in between can put your project on a solid foundation. Get value and experience with ALIGNED insurance brokers across Canada.

Here’s some things to consider about your building construction coverage 

When purchasing construction insurance, one of the issues often overlooked is the policy period.

What to know about the commencement of building construction insurance…

Construction insurance policies provide coverage for property in the course of construction, renovation or repair. But at what point does construction renovation or repair begin? 

  • Typically, contracts require that building construction insurance be provided for the duration of the contract period.
  • The lender may specify the inception date.
  • Be sure to review the building construction insurance policy provisions to determine whether there are restrictions on when coverage begins.

Building Construction Insurance Explained

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Some more construction insurance coverage insights to think about

What to know about the expiration of building construction insurance…

Determining when coverage terminates can be equally problematic. Construction insurance policies can contain provisions that terminate coverage prior to policy expiration.

The provisions typically state your construction insurance will end at the earliest of the following:

  • The policy expires or is cancelled
  • The property is accepted by the purchaser
  • Your interest in the property ceases


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Related Matters – Construction Site Insurance
“Unexpected accidents, timelines, change orders or contract administration can all result in costly disruptions to your construction project.
Whether your construction site project is in its early blueprint stage or nearing its final nail, there are a wide variety of insurance coverage products available to suit your specific construction project needs.”
General contractors, heavy contractors, trade contractors, home improvement companies, architects, designers, engineers are just some examples of people who need construction site insurance.

ALIGNED Insurance – Construction Site Insurance

No matter how big or small your construction project is, your project may face a variety of risks and exposures. Some or all of the following construction site insurance products can help ensure that you are adequately protected:

Some final insights about commercial insurance

Careful planning is the foundation for any successful construction project. Getting custom-fit building construction insurance in Canada aligned with us can put your next job on a strong foundation.

We only work with top Canadian insurance companies. Our brokers know the marketplace. We’ll search the market and find you the best value and options in Toronto commercial insurance. We’re ALIGNED.

We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.

It’s time to get your insurance aligned. Want Canadian business insurance that’s ALIGNED with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448.

We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. We’re proud our industry peers consistently recognize ALIGNED Insurance as one of the best insurance teams in the country. We are also very proud to be one of the fastest growing insurance brokerages in Canada.

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