Builders Risk Insurance

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Victor offers a broad and uniform scope of coverage under its “all risk” Builders Risk insurance. The policy protects construction projects against claims arising during course of construction, as well as for all associated property loss or damage.


Coverage is available for the following types of projects:

  • Most building project types of fire resistive, non-combustible or masonry construction, provided the project value exceeds $5,000,000
  • Civil works projects, regardless of project value, involving construction of bridges, dams, sewers and watermains, etc.

Coverage Details

  • Policy Form – “All Risk” policy, conforms with CCDC 2 insurance requirements
  • Policy Period – Usually for the full duration of the project
  • Capacity – Projects valued up to $40,000,000
  • “All Perils” deductible – Starting at $10,000 (higher deductibles apply to major perils such as flood, water damage and earthquake)
  • Minimum premium – $5,000 per policy
  • Territory – Projects in Canada only

Policy Features

  • Coverage is “all risk” in scope, providing a broad and uniform scope of coverage which can be tailored to the particular project, insuring all contractors and subcontractors, architects, engineers and other project participants having an insurable interest in the project
  • Provided its value is included in the amount insured, it is usually possible to add coverage for additional property which does not form part of the contract works, e.g. coverage for an existing building in the case of renovation or retrofit projects
  • Coverage is usually provided for property in transit or situated at other locations off-site

Additional Coverages Available

  • Green Construction Coverage Endorsement
  • Perils such as earthquake and flood
  • Soft costs not directly related to construction (financial costs, additional interest expenses, leasing and marketing expenses, legal and accounting expenses, and miscellaneous carrying costs)
  • Delayed opening loss of income, should a delay in completion result in loss of revenue for the project owner
  • Testing
  • Equipment Breakdown Insurance
  • Bylaws
  • Expediting Expenses

Submission Requirements

Obtain a quote for Construction Small Projects using V2, our commercial insurance portal for brokers. Quote, bind and issue projects that meet the following criteria:

  • Total project cost up to and including $2,000,000
  • The project building is of steel on steel or better construction (note that projects on wood frame buildings are ineligible for coverage)
  • The project duration is no greater than 12 months