Independent Contractors Coverage
Painters, plumbers and electricians are just some of the trades that our new Contractors product is designed to protect. It’s easy to buy online. You’ll find great rates and instant delivery of Certificates and Policy documents – plus the payment flexibility you expect.
Whether you work on your own or have a small team, it is always important to ensure you have protection in the event of a loss. Events out of your control could be the demise of the business that you created.
This is great coverage if your business is under $3M in sales.
Please contact one of our Insurance experts directly if your business exceeds $3M.
Construction Insurance
Construction, by its very nature, involves a high level of risk. From the day the contract is signed to the day the final fixture gets put into place, it is crucial for your business to have the right coverage. We know that most businesses understand the risks associated with construction projects, but we also know how challenging it can be maneuvering the intricacies of insurance. That’s where we come in.
At WMB Insurance Group, we are your partners in insurance. Not only will our expert staff help monitor your project ensuring your coverage stays up to date with your budget and completion date but we are there to help you navigate your policy to ensure that in the event of a claim – you have the right coverage.
We fight for your interests and enforce your policy. At WMB We Care, We Help.
Course of Construction Insurance
Builders’ Risk or Course of Construction (COC) insurance protects you from direct physical loss or damage to your project; construction materials, materials in transit and at any other location. This coverage also protects you from labour costs that may be involved in the event of a loss.
For example, you have 50 windows being delivered to a job site on Tuesday – they arrive on Friday morning. 25 windows are installed, the remaining windows are left for installation on Monday. On Monday morning you arrive to the 25 windows on the ground destroyed by vandals and 20 of the 25 windows already installed have also been broken. Your Builders’ Risk/COC policy will pay for all broken windows and the cost to remove and reinstall the windows installed on Friday.
When you’re involved in a project, it is important to know that you have coverage for events that may be out of your control. Events that could result in a claim include:
- Fire
- Wind
- Theft
- Lightning
- Hail
- Explosion
- Vandalism
- Flood
- Sewer Back-Up and Water Damage
Each project and policy are unique, contact your experts at WMB Insurance Group to find out what coverage matches your needs.
Claims Example
Excavation had just been completed for a level parkade when raw sewage began to flood the pit. It took a month to identify the source, stop the flow and begin cleanup and remediation. Direct damage was relatively small at $60,000, but the $60,000,000 project fell behind schedule by 30 days. The contractor could bring on extra shifts and work weekends to catch up. In total this was a $1.2 million claim – covered by our Course of Construction Policy. If our client had no policy in place, this cost would have been out of pocket. Contact our office today to ensure your next project has the protection it needs.
Wrap-Up Liability
On top of your standard Commercial General Liability policy, when involved in a project it is equally as important to include a Wrap-Up Liability policy. Throughout the course of your project, this coverage protects your team – including owners, developers, general contractors, architects, engineers, and all sub-trades involved in the work.
You might be asking yourself why you need this coverage. Many types of construction contracts including CCDC, fixed price, cost plus, and design-build may require evidence of a Wrap-Up Liability policy.
If you’re about to start a project or are considering bidding on one, talk to our team members today, and we can find you a policy that protects both you and your team. We’ll help you feel more confident knowing that you have the right coverage for both you and your team.
Claims Example
The contract called for the construction of a 5-storey condominium in a boggy area of Vancouver. Following construction differential settling of soils adjacent to the site put heavy stress on a city 8” water line resulting in its fracture six months post construction. The resulting flood of water poured into the parkade which contained many high-value vehicles damaging many and destroying others. Auto insurers claimed against the insured for more than a million. Further, the sub terrain repairs to the water line cost more than $100,000. If there were no wrap-up liability policy in place these expenses would have been out of pocket for our client.
In this example, the Wrap-up Liability policy responds to the loss with only one claims adjuster involved. Without a Wrap-up Liability Policy in place, the claims process could involve several adjusters from the various contractors, all trying to determine who is at fault. This causes delays to the repairs and to the project itself. Contact us today to start protecting your next project.
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