coc and wrap-up liability insurance
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® Northbridge Insurance and The power of together are trademarks of Northbridge Financial Corporation (“Northbridge”). Used under licence from Northbridge.
COC and Wrap Up Insurance WebinarBuilders’ ChoiceMark Rolfe and Jennifer Soper
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Please call in: 1-877-662-4493Any questions please type in via webexOR email [email protected] with questions or comments throughout or after the webinar.
Stand-alone insurance policy specific to construction project insurance Coverage options:• Builder’s Risk (COC)
• Equipment Breakdown (Boiler)
• Project Interruption Costs
• Wrap-up Liability
• Non-Owned Automobile
Builders’ Choice: Product Summary
Capacity$100M COC$30M Wrap-up• Multi-family Residential,
Institutional & High Rise• Commercial & Industrial• Energy & Gas Plants• Subway Tunnels &
Rail Lines• Bridges and Dams• Pipeline Construction
Broad Appetite
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Builders’ Risk(COC)
Commercial Property includes “permissions” clause but Builder’s Risk (COC) differs: • broader (less exclusions)• includes all subs as Additional Insureds• no-fault
Make sure Builder’s Risk’s “other insurance clause” is not “excess”
Commercial Pty vs. Builder’s Risk
• Broader than IBC 4042• Compliant with CCDC • Enhanced and flexible
coverage extensions • Ability to consider
LEG3, DE5 Design Exclusions
Why Northbridge Insurance: COC
COC: One property policy designed to insure buildings or projects against repair or replacement while they are under construction. • Provides the owner the promise that the contractor’s will
have the funds to re-build in case of loss and contractors the protection against the crippling cost of starting over
• Provides coverage for all contractors and sub-contractors• Coverage for material off-site or in transit
Key Features
Builders’ Risk Key Features
Extensions of CoverageTransit $100,000
Property in storage at other location $100,000
Extra expense $25,000
Debris removal Included
Testing of building systems Included
Rewards $10,000
Fire department service charges $25,000
Builders’ Risk Key Features
Extensions of CoverageProfessional fees $50,000
Permission for repairs $100,000
Building by-laws Included
Pollutant cleanup and debris removal $25,000
Sewer and road extension Included
Valuable papers $25,000
Fire suppression system recharge expenses $25,000
Project Interruption Costs Key Features
Project Interruption Costs Key Features
Extensions of Coverage
Professional fees Incl. in Part I
Fines, damages, penalties $25, 000Off-premises heat, power, gas, water or communication services $25, 000
Interruption by civil authority (Ingress/Egress) $25, 000
Extended soft costs (Mortgage Rate Gurauntee & Extended Rental Costs)
Included per wording
Expenses for reduction of loss Included
Loss of lease $25,000
Wrap UpLiability
• Compliant with CCDC
• 12, 24 or 36 month Completed Operations
• Up to 365 days coverage for current operations for remedial work after “termination date”
• Blanket additional insureds as required by contract
Why Northbridge Insurance: Wrap-up
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Wrap-upOne liability policy that provides uniform coverage, limit of liability and deductible for the owner, contractor and all subcontractors:• In force the entire project term incl. completed operations period • Owner can easily identify the insurance cost of the project• Ease in claims handling that involve multiple parties
Key Features
Wrap-up Key Features
Extensions of Coverage90 day extension for performance of remedial work
180 or 365 day options
Optional completed operations periods 12, 24 or 36 month
Non owned automobile IncludedAll risk tenants legal liability (blanket all locations) $250, 000
Medical Payments $25, 000
Fungi liability $500,000
Wrap-up Key Features
Extensions of CoverageEmployees & volunteer workers as additional insureds
Separation of insureds, cross liability
Blanket additional insureds (as required by contract)
Contingent employer’s liability
Broad form property damage
Incidental medical malpractice
Personal & advertising injury liability
Why Northbridge Insurance?
Expertise & Experience: Dedicated construction teams in your region with strong technical skills
Custom Solutions: Ability to offer customized wordings for large and complex projects
Risk Services: Experts will provide project assessments and recommendations to help mitigate risk
Appetite: A diverse cross section of project types
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Each slide should highlight a single concept.
Experience in all sized projects.
Questions?
