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Builders Risk Insurance in St. John’s, Corner Brook and throughout Newfoundland.

Did you know you can protect your properties even before they are finished being built? Builders risk insurance protects from risks like fire, theft and more.

Protect Your Investment Before Construction is Complete

Builders risk insurance safeguards your property during the critical construction phase, protecting against risks like fire, theft, and more. This specialized property insurance covers your project from start to finish, offering peace of mind while your property is under construction.

What Is Builders Risk Insurance?

Builders risk insurance is designed to cover properties still under construction. While property owners can take out this policy, it’s more common for contractors to be required to hold this coverage as a part of the project agreement. Key coverage areas include damages from fire, theft, vandalism (excluding employee-caused incidents), and damage from vehicles or aircraft.

Policies are often set based on a percentage of the total construction budget to ensure adequate coverage. Reviewing your policy duration is essential, as most plans have limits on extending the construction timeline.

How can home insurance protect you?
Use the yellow hot spots and explore how home insurance can help protect against common risks.
Builders Risk
Building or Structures Under Construction Coverage
Risk Factor

Your work-in-progress is a risk in the open. Damage from covered weather, vandalism, or other risks can slow or stop a project.

Solution

Building or Structures Under Construction coverage helps protect against damage to the building or structure being constructed from covered risks.

Materials and Supplies Coverage
Risk Factor

The materials and supplies you have on the job site are vulnerable to risks such as theft, fire, or other types of loss or damage.

Solution

Materials and Supplies coverage pays for the loss of covered materials and supplies used to complete the construction.

Equipment Coverage
Risk Factor

Your tools and equipment are of the utmost importance when building. Losing them to theft or damage could be a major problem.

Solution

Add Equipment coverage to protect valuable construction equipment used to complete the project from damage or other forms of loss.

Temporary Structures
Risk Factor

Weather, accidents, and other risks are potential dangers to temporarily erected structures that help you complete key projects.

Solution

Adding Temporary Structures coverage to your policy covers structures like scaffolding or signs from damage or other forms of loss.

Soft Cost Coverage
Risk Factor

There is often more at stake than what is at the construction site. Damages and delays can affect other parts of your business.

Solution

Soft Cost coverage helps with extra costs such as loan interest, lost sales income, rental income, real estate taxes, and more.

Understand What Builders Risk Insurance Doesn’t Cover

While builders risk insurance offers broad protection, there are exclusions to be aware of. For example, unless explicitly stated in your policy, coverage typically doesn’t include increased risks such as flooding in coastal areas or earthquakes near fault lines. Additionally, injuries sustained by workers are not covered under this policy—you’ll still need workers’ compensation insurance as required by law.

Get a Quote for Builders Risk Insurance Today

If you want to protect your construction project in St. John’s, Corner Brook, or anywhere in Newfoundland, our team can help you find the right builders risk insurance policy. Contact us today to get started with a customized quote.

Let’s discuss your builders risk insurance.

One of our insurance advisors will reach out to you to review your information and present you with the appropriate builders risk insurance solution. There’s no obligation, just good-old-fashioned advice.
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Wedgwood Insurance offers comprehensive builders risk insurance in St. John’s, Corner Brook, and throughout Newfoundland. For more information on building in Newfoundland & Labrador, find a member of the Newfoundland & Labrador Construction Association.
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