Project Insurance

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Insurance solutions for all your construction project needs.

Cowan Insurance Group is an expert in Construction Insurance. We understand the unique exposures in a construction project, and will work with you to ensure you have the proper coverage in place to mitigate those risks.

Why choose Project Insurance?

Regardless of if the owner or the contractor purchase the insurance there are clear advantages to project specific coverage.

  • Coverage for owners, general contractors, sub-contractors, consultants and sub-consultants
  • Features dedicated limits / higher limits / broader coverage
  • Guaranteed uniform insurance coverage for all contractors and subcontractors
  • Coverage tailored to the specific demands of the project
  • Claims settlement is simplified as a control adjuster can often be arranged for the entire project to reduce litigation
  • Reduces the possibility of inadequate coverage by sub trades
  • Avoids the risk assumption “Let’s pass it down and see what happens”
  • Reduces administration cost of gathering proof of insurance from multiple contractors.

Common Types of Project-Specific Insurance

In order to properly insure a project, consider the different options and their advantages when deciding what method is best suited to protect your investment.

Builder’s Risk Insurance

A Builder’s Risk policy a property insurance policy that has been designed to provide insurance coverage to property that is being constructed, repaired or renovated.

  • First Party Coverage for damage to project works.
  • Covers all parties involved in construction.
  • Insures for full replacement cost – may even be more than the contract value.
  • Can include transit coverage, off-site storage, testing and commissioning and delay in start up.
  • All Risks coverage.
  • Subject to exclusion.

Wrap-Up Liability Insurance

A Wrap-Up Liability policy is a project-specific liability policy. This differs from commercial general liability policies, which covers all of a contractor’s work, whereas a Wrap-Up Liability policy only covers a particular project.

  • Third Party Coverage.
  • Covers all parties in the construction project (the owner, the general contractor, consultants, and all sub-contractors and sub-consultants).
  • Coverage for bodily injury and property damage.
  • Same exclusions as commercial general liability policy.
  • Excludes damage to the project itself during the construction phase.
  • Dedicated Limits.
  • Dedicated Completed Operation.

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