Project Loss Insurance
Construction projects involve a large amount of risk, even for the very best contractors. A sizeable loss on a project can lead to business impairment or worse: complete failure. Business failure means the loss of business assets and oftentimes personal assets as well.
Travelers Canada Project Loss Insurance (PLI) is designed to mitigate the risk of a catastrophic project loss, helping contractors emerge from the loss rather than succumb to it.
Who is this right for?
Coverage is available for all contractors and is not limited to current Travelers Canada Surety clients. This policy is designed to cover a broad range of contractors and situations including the following:
- General contractors
- Heavy civil contractors
- Trade Contractors
- Business Owners looking for Corporate and Personal Wealth Protection
- Employee Owned Companies (ESOP’s)
- Companies Considering Succession
Project Loss Insurance oﬀers contractors the ability to share the risk of severe project loss, including loss associated with the following, that may be difficult to insure, such as:
- Bad estimates
- Poor production
- Subcontractor failure/default
- Delay damages
- Price escalations
- Manufacturer/supplier failure
- And many more
- PLI was created as a risk-sharing solution for contractors to further protect their assets and ultimately help them build a better business for the long-term. Your partner, Travelers Canada, is standing with you in difficult moments.
- Project Loss Insurance can provide interim payments for an anticipated covered project loss during the life of the project.
- Through the underwriting process, PLI can help contractors improve ﬁnancial reporting and internal controls to better prevent (and control) catastrophic losses and improve overall operations.
Read examples of how PLI can protect customers from a catastrophic loss.