Construction insurance and surety bonds Construction contractors: Build your success on a solid foundation
Construction contractors are Canada's actual builders.
Your expertise shapes our cities, our infrastructure and our future. Every day, you take on unique challenges that deserve tailor-made protection. We're proud to support this vital industry with insurance and bonding solutions that match your ambitions.
Whether you're a growing contractor or a large construction company, we have the tools to protect your growth and boost your success.
Why have specialized construction insurance?
Your success depends on effective risk management. With the right insurance, you can:
- Protect your costly construction sites and equipment
- Secure your employees and subcontractors
- Meet your customers' bonding requirements
- Deal calmly with unforeseen events and potential litigation.
As a contractor, you deserve a partner who understands your business's nuances. Customized insurance and bonding solutions will allow you to focus on what you do best: building Canada's future.
For whom ?
- A growing general contractor
- A specialized craftsman looking to secure his contracts
- A small or medium-sized business targeting new markets
As a contractor, you deserve a partner who understands your business's nuances. Customized insurance and bonding solutions will allow you to focus on what you do best: building Canada's future.
7 Different possible coverages are available
- Builders' risk insurance : Protect your project against property damage during construction.
- Wrap-up insurance : Comprehensive coverage for all parties involved in a specific project.
- General Liability : Protect yourself against claims for bodily injury or property damage.
- Commercial property insurance, including equipment and tools : Cover your construction equipment against theft, breakage and damage.
- Errors and Omissions Liability Insurance : Protection against claims arising from errors or omissions in the performance of your professional services causing financial loss to third parties.
- Surety bonds : Financial guarantees are used in various professional and commercial contexts to secure transactions or contracts. Protects the beneficiary against the risk of non-performance or insolvency.
- Environmental Insurance : Cover the environmental risks associated with your construction activities.
What is Builders' risk insurance?
Builders' risk insurance is the cornerstone of your project protection. It covers property damage on the construction site, including structures under construction, materials and temporary equipment. It protects against many risks, from fire and theft to natural disasters.
What is a wrap-up policy?
Wrap-up insurance covers all parties involved in a construction project, including the owner, general contractor and subcontractors. It simplifies risk management, eliminates coverage gaps and can reduce overall project insurance costs.
Notre expertise en cautionnement vous aide à accroître votre capacité de soumission et à renforcer votre crédibilité auprès des donneurs d'ouvrage.
What is a surety bond?
Surety bonds are essential in the construction industry. They provide financial security for contractual obligations. We offer several types of surety bonds.
- Bid bond : This guarantees you will honour your bid if awarded the contract.
- Performance bond : Guarantees that you will complete the project according to the contract terms.
- Payment Bond : Guarantees payment to subcontractors and suppliers.
- Maintenance bond : Covers construction defects for a specified period after project completion.
Our bonding expertise helps increase your bidding capacity and strengthen your credibility with project owners.
Why Covalen ?
- Customized solutions tailored to the size and complexity of your projects
- Complete coverage from design to delivery
- Expertise in construction risk assessment
- Efficient claims management with specialized technical support
- Advice on risk prevention and worksite safety
Secure your construction projects today.
Contact us for an in-depth assessment of your insurance and bonding needs.
Builders' risk insurance explicitly covers property damage to the project under construction, while wrap-up insurance is a comprehensive policy covering civil liability and sometimes property damage for all project participants.
Unlike insurance, which compensates for losses, surety bonds guarantee the fulfillment of contractual obligations. If you fail to meet these obligations, the bond issuer pays, but you must reimburse it.
If your construction activities involve pollution risks (excavation, demolition, etc.), this insurance is highly recommended. It covers clean-up costs and claims related to pollution caused by your work.
By grouping all parties under a single policy, wrap-up insurance eliminates duplication of coverage, standardizes limits and deductibles, and can offer economies of scale, reducing the overall cost of insuring the project.