Risk insurance launched for luxury homes

Builders working on new home construction or a significant renovation project with a budget of at least $5 million can benefit from a first-of-its-kind insurance product.

The Smart Build coverage, launched this week by AIG Insurance Company of Canada, covers luxury construction projects from an early stage with the aim of mitigating risk such as fire, natural hazards, water damage and potential threats to fine arts.

“Many homeowners who are building or reconstructing a home do not bring in their insurance company until after the project is complete, and unfortunately, we have seen that things often do go wrong,” said Autumn Kerr, Manager of Risk Management Services for AIG Private Client Group. “Smart Build allows AIG to work with the policyholders, their contractors, architects, and other building professionals in order to collaborate, make recommendations, and mitigate risks right from the projects inception.”

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