Welcome to LMBF Assurances
Are you considering renovations in your own building? Are you a construction company planning to build a number of commercial buildings as part of their next project? If this is the case, you should be aware that buildings under construction or undergoing major renovations are generally exempt from regular property insurance coverage. It depends on who is responsible for taking out insurance — usually the owner of the building, but it can also be the responsibility of a construction company or even a business owner. Anyone or business considering undertaking a construction project or undertaking renovations should protect themselves and their property by means of a construction insurance policy — also simply called “all risks construction insurance”.
In simple terms, construction insurance is an insurance policy designed to protect buildings under construction — residential or commercial. Home owners, business owners, construction companies, renovation contractors, and real estate developers are just a few examples of the different types of groups or individuals that can benefit from taking out construction insurance. In general, taking out construction insurance is the responsibility of the owner of the building. The details of each person's responsibility are usually spelled out in the construction project contract.
Construction insurance is designed to protect property under construction against claims. It also covers the liability of the insured in case of injuries or property damage for which the owner is responsible during construction. This includes trial fees, settlement costs, trial fees, etc.
Construction insurance is designed specifically for buildings under construction. Regular property insurance may not cover damage while a building is being renovated or constructed. This includes events like fire, theft, or vandalism.
If the materials used to complete the project are damaged during transport to the construction site or are damaged or destroyed in a nearby warehouse as a result of an insurable claim, construction insurance covers the cost of replacing the materials.
It covers property damage to work in progress, materials and equipment on site during construction or renovation, depending on the policy.
The project owner, developer or contractor, depending on the contract. The important thing is that coverage is in place and clear.
Total value, schedule, type of work, location, site security, subcontractors and claims history.
Fire, vandalism, theft (subject to conditions), accidental damage to work, and other covered perils.
At the start of the project: demolition, material delivery or first intervention on site, depending on the site reality.
No. CGL covers liability to third parties; builders risk insurance covers property damage to the project itself.
