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Your existing commercial insurance does not provide protection for building construction. In fact, your property policy specifically excludes property while under construction.
The underwriters must have full details of the project including soft and hard costs:
The construction of Building “X” adds a significant exposure to risk. Insurance needs to properly insure this in order to protect:
Want to learn more? Watch the full video below.
This is everything you need to know about COC insurance policies. Armour Insurance's Commercial Insurance manager explains the ins and outs of protecting construction projects while they're in process.
COC policies cover buildings under construction or major renovations. Your COC protects:
Examples of perils insured by your COC: fire, lightning, windstorm, hail, vandalism, theft.
Similarly, you have a need for Wrap-up Liability. This provides liability coverage on an entire project for all parties involved. As the project owner, you are liable to all parties with an interest in the project, including yourselves, the contractor, the subcontractors etc.
A benefit of a wrap-up liability is that it provides a single limit of insurance for the project. This can eliminate gaps and overlaps on coverage.
For more information, watch our video covering COC policies.
Great experience. Called in, didn't have to wait, and spoke to a human very quickly. In addition, the process of getting a CGL insurance quote was quick and painless. Travis was knowledgeable and I would highly recommend.