Your industry in focus
We know that you’re on a tight schedule and you’re juggling a lot of different priorities, like suppliers, workers, sub-trades and clients, plus you’re arranging permits, materials and inspections. You need an insurer that knows how to get down into the details. We can cover all your essential construction risks and then look at the project specifics to understand your individual risk exposures. Whether you need protection for potential faulty materials, a fire, or shipment delays with foreign suppliers, we can address your risks and challenges with coverages for your unique needs. In your industry, you need to be experienced, fast and agile. That sounds a lot like the experience of working with Sovereign.
Mid to large sized commercial, institutional, industrial and infrastructure contractors
Subcontractors, specialty trade contractors, and general contractors
- Commercial building construction and renovation
- Cement, concrete, and masonry
- Electrical
- Infrastructure, including roads, sewer and watermains, and small bridges
- Site preparation, grading, and excavation
- Industrial contractors, including millwrights
- Mechanical contractors, including heating, air conditioning, and refrigeration
- Water well drilling
- Oil field service contractors
What Sovereign’s construction solutions offer:
We're known for our quick turnaround times, so go ahead, bid on those last-minute projects. Our experts know the business, are highly responsive, and quick to help when you need them. Whether you’re a specialty contractor providing your particular expertise, a company building an addition, or you’re building a brand-new office tower, we can help lower your risk exposures with coverage that makes sense for your project.
We can develop a solution for:
- Crime
- Liability
- Automobile
- Technology and Cyber
- Surety
- Equipment Breakdown
- Property, including Inland Marine
Coverages designed to protect your business
We tailor our coverage limits and deductibles to address the exposures faced by your business – from insuring your entire operation to a specific construction project. Some of the key coverages we provide for the construction industry include:
- Contractor's Equipment
- Rented Leased Equipment
- Rental Reimbursement
- Ice and Muskeg
- Installation Floater
- Builders Risk
- Equipment Breakdown (Course of Construction)
- Soft Costs
- Delayed Start Up
- Removal and Replacement of Defective Products
- Contractors Specification Expense
- Wrap Up Liability
- Contingent Wrap Up Liability including Difference in Conditions and Difference in Deductible
Key Coverage
Contractor's Equipment
Contractor's Equipment
Coverage snapshot
You’ve got the right tool for every job - from hand tools to power tools, compressors, generators, and even large equipment like backhoes, excavators, cranes and specialized equipment. Whether in your yard, on a work site or in transit, Contractor’s Equipment provides coverage for tools and larger pieces of equipment against many exposures, including theft, fire and upset at job sites or in transit.
Rented Leased Equipment
Rented Leased Equipment
Coverage snapshot
Business is good. You need more equipment than anticipated to get the job done, so you rent equipment for your workers. Now you need to be covered for possible risks to the rented equipment. Rented Leased Equipment provides coverage for loss or damage to unscheduled contractors’ equipment while leased or rented from others.
Rental Reimbursement
Rental Reimbursement
Coverage snapshot
When you’re working within tight timelines, you can’t afford for your equipment to be sidelined by a claim. Rental Reimbursement provides coverage to assist in paying for the cost of renting similar equipment while yours is in the shop being repaired as a result of damage from an insured loss.
Ice and Muskeg
Ice and Muskeg
Coverage snapshot
Sometimes you find yourself on shaky, slippery or sinking ground. Soft soil conditions such as muskeg and swamp can cause your equipment to get stuck in the mud. And when breaking through ice, your tools could become damaged or fall through. This kind of incident isn’t covered under a standard Contractors Equipment form. Ice and Muskeg provides coverage for contractor’s equipment damaged as a result of sinking in soft soil conditions such as muskeg and swamp or breaking through ice.
Installation Floater
Installation Floater
Coverage snapshot
You've got materials on the job site ready to be installed – it’s important they’re protected. In the course of repair, completion, erection or improvement of a property there's always the risk of your materials being lost or damaged by a number of perils. An Installation Floater provides coverage for loss or damage to materials and supplies that form part of an installation project.
Builders Risk
Builders Risk
Coverage snapshot
Whether you're building an office building, condominiums, or industrial and commercial buildings – or even if you're erecting or installing free-standing structures such as communication towers – you need coverage throughout the course of construction. A Builders Risk policy provides coverage for the project itself, as well as most of the materials and supplies needed to complete the project including coverage for landscaping, trees, plants and shrubs, and all ancillary buildings, scaffolding, falsework, forms hoardings, excavation and site servicing that are integral to the job.
Equipment Breakdown (Course of Construction)
Equipment Breakdown (Course of Construction)
Coverage snapshot
Your construction project isn’t quite complete until your testing is a success. Course of Construction Equipment Breakdown complements your Builders Risk policy by providing coverage for the testing and commissioning of new equipment that has been installed.
Soft Costs
Soft Costs
Coverage snapshot
Your construction project has suffered a loss. Now, miscellaneous costs you didn’t expect are starting to add up. Soft Costs provides coverage for certain additional expenses incurred as a result of a covered loss, such as: architect or engineering fees related to repairs, extra fees for added interest charged by lenders, costs related to re-financing, building permits and advertising expenses.
Delayed Start Up
Delayed Start Up
Coverage snapshot
Even when a loss on a project is covered, it can still throw a wrench into your timelines and impact your future earnings. Delayed Startup coverage protects owners or stakeholders of the insurance placed on a construction project against the potential loss of anticipated income if a covered loss causes a delay in the completion of the project.
Removal and Replacement of Defective Products
Removal and Replacement of Defective Products
Coverage snapshot
You stand by the quality and integrity of your work, but defects and deficiencies can be out of your control. Removal and Replacement of Defective Products can protect your budget from costs to remove and replace your work if it fails to meet certain specifications due to a defect or deficiency.
Contractors Specification Expense
Contractors Specification Expense
Coverage snapshot
No matter how clear construction plans may be, they could be misread. If you make a mistake adhering to written specifications of a contract issued by your customers, this coverage can help with costs to correct these errors.
Wrap Up Liability
Wrap Up Liability
Coverage snapshot
As the General Contractor or owner of a large construction project, you want protection that gives you peace of mind knowing that everyone involved is properly insured. A Wrap Up policy makes it easier to make sure that all of the contractors and subcontractors working on the project are covered, and it helps you avoid disputes between policies and insurers when more than one contractor is involved in a loss. The Wrap Up policy also guarantees that liability coverage for everyone involved will remain in place for a period of 12, 24 or 36 months - as specified - after the project has been completed.
Contingent Wrap Up Liability including Difference in Conditions and Difference in Deductible
Contingent Wrap Up Liability including Difference in Conditions and Difference in Deductible
Coverage snapshot
Sometimes you need extra protection. This coverage protects against any gaps in coverage between a contractor’s liability policy and the Wrap Up Liability policy if coverage under the Wrap Up policy is more restrictive. This coverage also pays the difference when the deductible under the Wrap Up policy is higher than the deductible on a contractor’s own Liability policy.
