The condo real estate development industry in Canada is constantly on the rise. And while the risks may be worth the rewards, with all the work you do to get a development off the ground, you can’t afford to take chances with an insurance broker who doesn’t know what’s involved with condo development or who isn’t available when you need them. Our ALIGNED advocates are commercial insurance specialists and are with you every step of the way from bid to turnover and beyond.
Insurance for Condo Builders
Our condo real estate developers insurance packages and policies are customizable, giving you exactly the protection you need – including protection from overpaying for your coverage.
What Type of Insurance Does a Condo Developer Need?
Builders Risk Insurance – Provides property coverage for your condo while under development for the duration of the project from perils such as fire, windstorms, flooding, sewer backup, theft and vandalism. That property can include structures, building supplies and materials.
Commercial Property Insurance – Protects your office or base of operations whether you lease or own. Protection for your building (not under construction), and contents in from fires, floods, sewage backups, gas leaks, storms and other perils.
Directors & Officers Insurance – With condo development, everybody is a stakeholder. The decisions made by your board members have a direct impact on the general public which means increased scrutiny by consumer groups and governmental agencies. The directors and officers of your condo development company can be held personally liable for wrongful acts that result in a loss. Attract, retain and protect key decision-makers with a Directors & Officers policy as part of your condo builder’s insurance policies.
Commercial Auto Insurance / Commercial Vehicle Insurance – for vehicles used by your condo development firm for site visits and other company business.
What Does Liability Insurance Cover for Condo Projects?
Commercial General Liability Insurance – CGL insurance can cover your condo development firm from lawsuits alleging personal injury by anyone visiting your office (not the condo under construction), false advertising and libel or slander.
Professional Liability Insurance – Protects architects, engineers, contractors and other professionals in your condo development firm from litigation based on allegations of errors, omissions or negligence such as claims alleging deficiency in design.
Wrap-Up Liability Insurance– Having your own wrap-up liability coverage to protect your condominium projects firm in case of litigation due to personal injury or property damage with respect to the condo under construction.
What Other Insurance Types Should I Consider for Condominium Projects?
We also provide a full selection of construction bonds. For more information, visit our Types Of Commercial Surety Bonds In Canada page.
Get ALIGNED with Condo Builders insurance backed by Canada’s top insurance companies.
At ALIGNED, we work with Canada’s top insurance companies to ensure that your condo development firm has the protection policies it needs at rates you can afford. We are commercial insurance specialists; we only deal with insurance for business. That means that we know what coverages you’ll need, the right limits for your firm and how to get them at the best rates. Contact an ALIGNED advocate to get a free quote on condo real estate developer insurance in minutes or get started right away by using our free online tool.
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