• Damage to buildings under construction and the materials that go into construction are not usually covered by property insurance
• As a member of the HSC Group Insurance program however your policy does provide coverage for physical damage to property under construction up to a limit of $500,000 on any one project to existing properties
• This saves you money because contractors can eliminate the cost of this insurance from their bids
• For coverage of projects estimated at more than $500,000 you can purchase a dedicated Builder’s Risk Insurance Policy through HSC Group Insurance
• Wrap-Up Liability Insurance can also be purchased through HSC to provide liability insurance for everyone involved in the project

Planning a Renovation, Retrofit or Regeneration Project? Make Sure you Have the Right Insurance Coverage

Are you planning a project as part of the Social Housing Renovation and Retrofit Program? HSC can help with your insurance needs, which will be above and beyond the regular requirements of your day-to-day operations.

Typically, damage to buildings under construction and the materials that go into the construction are not usually covered by property insurance. However, as a member of the HSC Group Insurance program your policy does cover physical damage up to a limit of $500,000 on any one project for changes, alterations, repairs or additions to existing properties. This is important to know as your contractors can eliminate the cost of this insurance from their bids and save you money. To make sure this cost does not get reflected in your bid, we can provide standard wording to exclude this insurance from your contract.

If you need coverage for a project with a contract price of more than $500,000, you can purchase a Builder’s Risk Insurance Policy through HSC Group Insurance. This may be a good option to consider, as purchasing this policy through the group may be more cost-effective than getting the contractor to buy this coverage through their own broker.

You may also want to consider purchasing additional Wrap-Up Liability Coverage, which is not included in the standard policy of the HSC Group Program. Wrap-Up Liability Coverage provides liability insurance for everyone involved in the project – building owners, consultants, contractors and all sub-contractors – for injury or damage to property of third parties. By purchasing this coverage yourself you will know the insurance limits everyone in your project carries and will be confident that all parties, including sub-contractors, are adequately insured.