Construction Insurance in Nanaimo
Insurance coverage for construction companies and projects on Vancouver Island can protect builders and specialty trade contractors from a wide range of risks. According to the Workers' Compensation Board of British Columbia, the construction subsector had the second highest number of claims for loss of work time in this province as of 2020. Builder's risk and liability policies can manage exposures associated with delays, work-related injuries or errors and omissions. Learn more about construction insurance in Nanaimo from a HUB International insurance broker.
Manage Common Construction Risks
Some of the most common construction risks include damage to job sites or structures and liabilities excluded from property insurance policies. In 2020 alone, WorkSafeBC wrote over 60,000 inspection reports and more than 27,000 health and safety orders. The following policy types can minimise liabilities and regulatory fines in the Canadian construction sector:
- Builder's Risk Policies: General commercial policies typically exclude structures that are under construction. Opt for an all-risk or course of construction policy based on coverage needs.
- Construction Bonds: Bonds are useful for guaranteeing the provision of services as set forth in contracts. A broker can recommend bid, performance, payment, maintenance, supply or other site-specific bonds.
- Commercial Liability Coverage: Liability coverage for construction businesses, contractors, subcontractors or developers can cover job-related injuries, faults in workmanship and other specified risks.
Custom-Built Construction Insurance Coverage
A HUB International broker can help contractors, developers and other building professionals obtain a sufficient level of construction insurance in Nanaimo. Construction projects in "The Harbour City" may involve unique exposures incurred when ferrying building materials and equipment. Ask a broker about any of the following types of policies for projects on Vancouver Island.
All Risk Insurance
A construction all-risk policy can be helpful for mitigating the losses associated with project delays, natural catastrophes and requirements related to commissioning or site testing. A HUB broker can help businesses or professionals determine an appropriate probable maximum loss capacity.
Course of Construction
These policies protect builders, contractors, developers and property owners during ongoing construction projects. Some policies continue to cover structures for a set period of time following project completion.
Errors & Omissions
Professional liability insurance can be helpful for covering mistakes in the contributions of architects, designers, engineers or other specialists to a construction project. Discuss the scope of an E&O policy with an insurance broker to account for most liability exposures.
Inland Marine Insurance
Policies that originated with ocean-bound vessels now cover damage to equipment in transit or during storage on job sites as well as leased tools. When searching for this type of construction insurance in Nanaimo, contractors and developers should consult brokers about the best ways to insure valuable equipment
Owner-Controlled Insurance
Owner-controlled insurance programmes or OCIPs can be used to provide blanket liability coverage for contractors and a wide range of other parties involved in construction projects. These policies were formerly restricted to projects in excess of $50 million but are now available for smaller jobs.
Workers' Compensation
Workers' compensation insurance for projects in Nanaimo must be purchased from the British Columbia Workers' Compensation Board, which operates as WorkSafeBC. Businesses may be able to lower costs by influencing experience modification rates or meeting compliance requirements.
Accounting for the unique features of building sites on Vancouver Island can help to limit unique risks, from breaking ground to putting the final touches on new buildings. A HUB broker can offer guidance regarding construction insurance policies and limits. Learn more about HUB’s construction insurance offerings!