Why Get Builder’s Risk Insurance? Builder’s risk insurance provides important coverage during the course of construction for any renovation or construction project. Get Free QuoteBuilder’s Risk Insurance Claims Examples Property LossIncident: You are hired to construct a building for a client. Overnight, a severe weather storm destroys the framing and materials valuing $50,000. Result: The builder’s risk policy reimburses the cost of repair and replace the damages materials. TheftIncident: During a construction project $100,000 of materials is stolen from the project site overnight. Result: The builder’s risk policy reimburses the cost of the materials so that the project can resume without delay. Product LiabilityIncident: Your contracting company has been hired to do a major building renovation. A fire breaks out during the job and causes damage to the existing structure as well as most of the work already done and materials totaling $300,000 in damages. Result: Your builder’s risk policy helps to absorb the cost of the additional damages and reimburses the cost to repair the damages as well as the materials lost. Get Free QuoteGet Free QuoteBuilder’s Risk Insurance, Explained What is builder’s risk insurance?Builder’s risk insurance covers the gap left in the property insurance when standard property insurance excludes coverage while under construction or renovation. What does builder’s risk insurance cover? Building – the cost of repair to the existing building as a result of an insured loss Materials – Replacement cost for damages, destroyed or stolen building materials Debris Removal – Additional cost to remove debris as a result of a loss Soft Costs – Related legal fees or architectural costs Who needs builder’s risk insurance? Any project that involves major renovations or building construction Contractors, homeowners undergoing major renovations, commercial building owners, etc. What is not covered by builder’s risk insurance? Faulty design or professional negligence Intentional criminal acts Equipment or contractor’s tools Third party liability Damage to automobiles and/or auto liability Full List of Industry Insurance Types Contractor’s InsuranceHospitality InsuranceAccountant’s InsuranceHealth and Fitness InsuranceProfessional Office InsuranceWhy Choose Pacific Insurance? Our staff are trained Registered Insurance Brokers of Ontario (RIBO) which is the self-regulatory body for insurance brokers in Ontario. We have been regularly featured in the media as insurance experts and asked to speak at events like the ‘CRV Radio International’. 1 on 1 Service Speak directly with an expert instead of dealing with a faceless call centre. 40+ Years in Business We provide the results of a large agency while giving you the agility and service level of a boutique agency Fluent in Many Languages Speak to our brokers in English, Cantonese, Mandarin, French, Korean, or Hebrew. Get Free QuoteGet Free QuotePartnerships with over 50 leading Canadian insurance providers Pacific Insurance Reviews I was having trouble insuring my Muskoka cottage because my primary location was in the United States. I contacted Pacific Insurance and they were able to save me over 30% on my premium and get my cottage insured properly on very short notice.– Dimitri BToronto, ONHome InsuranceI have been with Pacific Insurance for over 27 years and we have a longstanding relationship. They always stay up to date with my family’s insurance needs and keep me informed.– Eva LMarkham, ONLife Insurance Pacific Insurance is amazing! Their service to get my home Insurance set up was extremely quick and efficient! Samantha helped me out and was very sweet. I highly recommend going to them for a no stress experience!– Chanakya UToronto, ONHome InsuranceWe’ve been using Pacific Insurance for years. They provide insurance for all our locations. They’re really great to deal with, even when we leave things to the last minute and need them to finalize same day coverage. Great people!– Natalie GToronto, ONOffice InsuranceFound Pacific Insurance searching for car insurance. I called in and spoke with Alice. She was very polite and knowledgeable. She provided me with professional advice on what types of coverages would best fit for me. I would highly recommend this brokerage. It was a pleasure to deal with their team. – Alex PToronto, ONAuto Insurance