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Construction Insurance


MEARIE offers project-based property and liability insurance,
specifically designed to protect your interests and cover losses
during the course of a construction project.



Download the MEARIE Construction Insurance Program brochure here.


If you are planning to construct a building, expand your offices, build a generation facility, a substation, or any other major structure or property improvement, you require this type of insurance coverage for the project.

Don't automatically assume your standard liability or property policy will cover you for a construction project.There are many differences between your standard liability and property insurance, and the type of coverage you require during a construction job. It's likely you will require additional coverage and MEARIE's Construction Insurance Program is designed to meet your needs.


The Construction Insurance Program includes:
  • Course of Construction Property Insurance
  • Wrap-Up Liability Insurance
  • Surety Bonds

Insurance that covers both your property during the 
course of construction as well as losses impacting the 
property of others
. This insurance is designed to cover you and other named parties during all phases of a construction project, up to the point of project completion.            

              
Consider MEARIE for Your Next Construction Project:
  • MEARIE already insures at least some part of your operations
  • Competitive Premiums
  • Each project is underwritten individually, project-by-project, to meet your requirements


Course Of Construction:

Course of Construction Insurance is used to protect property and assets through all phases of a construction project. 


Course of Construction Insurance - project-based property insurance coverage:
  • Protects property and assets through all the phases of a construction project
  • Covers insured property or equipment for damage or loss during the period of construction due to an insured peril
  • Separate from your standard property insurance coverage
Coverage can include:
  1. Equipment onsite, offsite and in transit
  2. Raw building materials and partially constructed structures
  3. The structure or property itself, through the course of construction or installation
  4. Fixtures and supplies
  5. Greenery surrounding or grown to form part of the project
  6. Scaffolding, other support structures
  7. Supplies and materials used during the course of construction
  8. Soft costs (delay in start-up)*



Wrap-Up:

There may be many parties involved in getting the job done and each have certain liability exposures as they perform their work. While a standard general liability policy may only include the general contractor or the project owner, a wrap-up policy may include all named:

  • The owner
  • Developers
  • Engineers
  • Architects
  • Project Manager
  • Contractors
  • Partners
  • Officers
  • Directors
Wrap-up Insurance:
  • Covers for bodily injuries, property damage, or personal injury liabilities against a third party
  • Designed specifically for each project, based on the parties involved
  • Standalone policy simplifies the process of coverage
  • Requires only one claim on behalf of the insured
  • Requires only one insurer
  • Can allow smaller parties to be covered under higher policy limits



Surety Bonds:

Surety bonds ensure the project is completed while offering financial security against shortcomings or deviations from the contract. 


Three types of contract bonds:
  • Bid Bond: A great way of insuring the budget agreed upon through the bidding process.
  • Performance Bond: Insures the project owner the job is completed according to the terms agreed upon in the contract, and in the same time frame.
  • Payment Bond: Designed to pay laborers, suppliers, and other contract-related costs a contractor owes to third parties.

These Insurance products are provided through MEARIE Insurance Services Inc (MISI).
* Available through the purchase of an additional endorsement.