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    Did You Know? APOLLO Offers Extensions on Course of Construction Policies

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    course-of construction insurance Canada

    When it comes to construction projects, unforeseen delays and complications can often disrupt the best-laid plans. This is where Course of Construction (COC) insurance policies come into play, providing financial protection during the construction phase of a project. What many may not be aware of is that APOLLO Insurance now offers extensions on their COC policies, allowing policyholders to adapt to changing circumstances and extend their coverage for up to 18 months in total. In this article, we will delve into the details of this extension option and the factors to consider when seeking it.

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    The Basics of COC Insurance

    Course of Construction insurance, commonly known as Builder's Risk insurance, is designed to protect property owners, contractors, and developers against risks associated with construction projects. It provides coverage for losses resulting from events such as fire, vandalism, theft, and other unforeseen perils that could cause damage to the project under construction.

    Typically, COC policies are intended to cover the duration of the construction project, from the moment construction begins until the project is completed. However, construction projects can sometimes experience delays due to various reasons, and this is where the need for policy extensions arises.

    Understanding APOLLO's COC Policy Extensions

    APOLLO Insurance recognizes the dynamic nature of construction projects and the potential for unexpected delays. To address these concerns, they now offer policyholders the option to extend their COC policies beyond the original coverage period, up to a maximum of 18 months. This extension can provide valuable peace of mind by ensuring that your project remains adequately protected throughout its development.

    Need Course of Construction Insurance?

    To request a quote for extending your COC policy with APOLLO, you will need to provide some essential information. Here are the questions you'll need to answer:

    1. How many months would you like to extend this policy? – Determine the additional coverage period you require, considering the project's current status and anticipated completion date.

    2. Are there any known or reported claims or losses for this project? – Disclose any incidents or claims related to the construction project to ensure accurate pricing.

    3. Will any part of this building be occupied prior to completion? – Notify APOLLO if any portion of the building will be used or occupied before the project's completion, as this may affect coverage.

    4. Has there been any material change in the scope of the work, project value, general contractor, or construction manager? – Inform APOLLO of any significant changes to the project, as this could impact the policy terms and pricing.

    5. What is the current state of the project? – Provide details about the project's current status, including any delays or obstacles that may necessitate an extension.

    6. What is the reason for the project delay? – Explain the cause of any delays, whether they are related to weather, permits, labor, or other factors.

    7. How much of the project has been completed to date? – Specify the percentage of the project that has been finished to help determine the appropriate extension period and coverage.

    Effortless Insurance for Your Project

    APOLLO’s Builder’s Risk (Course of Construction) is designed for all construction types. Remember, the hardest thing about your project shouldn’t be your insurance! Find out how you can get covered in minutes with our quick, easy, and entirely online application process.

    Need Course of Construction Insurance?

    Originally published September 26, 2023, updated June 19, 2024

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