Course of Construction (COC) insurance is designed to protect property owners, developers, and contractors while major renovations or construction work is being performed. Construction can be complex, with many moving parts, and through investing in COC insurance, stakeholders are better protected in the event of a loss.
The policy will be in effect for a minimum of four months and a maximum of 12 months. If an extension is required beyond 12 months, it will need to be referred for review.
No, contractors are required to have their own CGL policy in place. The policy only covers the property owner or a holding company.
Policy is in force when ground is broken. A policy cannot be put in place for a project that has already started construction.