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Victor’s Wrap-Up liability insurance protects the team involved in a construction project, such as owners, developers, engineers, architects, project managers and contractors, against third party and general liability exposures associated with their project — all with one policy for the project. There are numerous advantages to using Wrap-Up liability coverage on major construction projects, rather than relying on each contractor’s Commercial General Liability policy.
Eligibility
The following provides an example of those eligible for this coverage:
- Owners and developers
- General contractors
- Project managers
- Architects
- Engineers
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 – Occurrence
- Policy Period – Usually for the full duration of the project. A specific period of Products and Completed Operations coverage applies thereafter, usually for a maximum of 24 months
- Capacity – Limits up to $25,000,000 for projects in Canada valued up to $250,000,000; With respect to Products and Completed Operations, the limit of insurance is dedicated to the project and applies on the basis of an annual aggregate limit
- Minimum premium – $5,000 for a $1,000,000 limit
- Territory – Projects in Canada only
Policy Features
- Coverage can be tailored to the particular project, insuring all project participants
- Broad definition of insured
- Third party exposure coverage for all participants (Cross Liability Clause)
- Remedial work coverage for 365 days following policy expiry
Submission Requirements
- A completed Victor Builders Risk and Wrap-Up Liability Insurance application form
- Site Plan detailing neighbouring exposures
- Breakdown of values
- Construction schedule
- Geotechnical report
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