Serving the Tournament Capital of Canada
With an estimated population of over 97,000, Kamloops is the twelfth-largest municipality in British Columbia, Canada. Known as “the Tournament Capital of Canada," Kamloops earned this moniker because it hosts over 100 sports tournaments annually at elite facilities such as the Tournament Capital Centre (TCC), the Tournament Capital Ranch and the Kamloops Bike Ranch. The TCC contains several facilities that host various athletic competitions, including a fieldhouse with an indoor track, an aquatic centre, a stadium, an athletic performance hall and a gym.
Facilities such as the TCC and other sports venues are a major part of Kamloops’ built environment and economy, requiring the knowledge and experience of professional service providers, especially contractors and construction managers. Construction insurance in Kamloops is crucial to companies offering related services.
The city is also a major transportation hub in British Columbia. The Trans-Canada Highway, the Yellowhead Highway and Coquihalla Highway intersect in Kamloops. Several rail lines connect Kamloops to other parts of the province including the Canadian Pacific, Canadian National, Via Rail’s Canadian, the Rocky Mountaineer and Kamloops Heritage Railway. Kamloops is also home to Fulton Field, a regional airport and its own bus system. Transportation and population growth require the services of construction professionals who can mitigate and manage the operational risks of vital construction projects.
Choosing Construction Insurance in Kamloops
“Construction insurance” is a broad term that can include many types of coverage. Your business will have different needs based on the type of work you do. A contractor who actually builds facilities has different exposures than a firm that acts as an agency construction manager verifying contract compliance. The following is a non-comprehensive list of coverages you should consider:
- Builders’ Risk: This type of policy indemnifies you against damage or losses for facilities that are under construction and therefore “owned” by the builder (as opposed to the client).
- Commercial Auto: You should consider this policy if you have company-branded vehicles or personal vehicles used for company business. Coverage includes repairs, medical bills and lawsuits related to auto accidents.
- Surety Bonds: A surety bond guarantees the completion of a construction project. A public agency may require that you have this before contracting with you.
- Environmental Liability: You may face claims related to environmental pollution, such as construction waste leaching into a public utility. Environmental liability policies protect against such claims.
- General Liability: General liability insurance covers the costs of lawsuits related to bodily injury and property damage to third parties arising from accidents or negligence.
- Inland Marine: Despite the misleading name, this policy protects from damages or losses to equipment, materials and other supplies in transit to a project site.
- Professional Liability: This type of coverage pays for lawsuits and damages related to negligence, errors and omissions in work deliverable
- Umbrella or Excess Coverage: Umbrella policies provide coverage in excess of typical limits, especially for a large lawsuit or major losses for a high-value project or programme.
- Workers’ Compensation: This often-mandatory provincial legislated coverage pays for medical bills and lost income for employees injured while on the job.
Learn more about HUB’s construction insurance offerings!