Setting the Stage for Construction Insurance in Red Deer
Halfway along the Calgary-Edmonton Corridor, Red Deer is home to over 100,000. This central Alberta city takes its name from the "red deer" or elk that European settlers observed at the nearby river. Red Deer began as a trading post and stopping house, eventually growing into a city that after World War II expanded rapidly following the discovery of hydrocarbons in the area. This discovery, along with population growth, set the stage for the development of the built environment and the need for construction insurance in Red Deer.
Red Deer is a major centre for the oil and gas industry in Alberta. As far back as 1885, the Winnipeg and Northwest Petroleum Company drilled for oil near the Red Deer River. Although that initial venture wasn’t successful, the oil and gas industry took a step forward when oil was discovered in 1914 at Turner Valley. Things really got going in 1953 when a successful well was drilled just northeast of the city. Since then, energy has been one of the main economic drivers in Red Deer. The construction industry has and continues to play a big role in energy development.
The Red Deer River provides drinking water to the city. The water conveyance system in Red Deer features a major construction first, the Horton Water Spheroid. When it was built in 1957, it was the world’s largest sphere-shaped reservoir. Red Deer River water is also distributed to surrounding communities in Red Deer County. The City’s wastewater treatment system discharges treated outflow back into the river. Water and wastewater treatment are essential operations in the built environment, and these systems need experienced and insured construction partners.
Determining Your Need for Construction Insurance in Red Deer
Insurance is how businesses great and small manage their operational risks. Construction work zones usually include heavy machinery, power tools and environments that require the use of personal protective equipment. It’s important that practitioners purchase coverages that protect against losses and damages, especially those that put businesses at risk. Here are some insurance products you should consider buying:
- Builders’ Risk: When projects are under construction, they are the responsibility of the contractor. This coverage protects the insured against theft or damage to your project, including equipment and materials.
- Commercial Auto: The construction business often requires employees to operate work vehicles. This coverage also protects short- and long-haul transport operations.
- Contractor License: Public agencies often require contractors to guarantee the completion of a project through contractor license or surety bonds.
- General Liability: This must-have insurance covers third-party injuries and property damage.
- Inland Marine: This offers coverage for equipment, materials and supplies that are in transit to a job site.
- Pollution Liability: This coverage protects against damages related to environmental pollution, such as construction waste polluting a water resource.
- Umbrella Coverage: Most insurance coverages have limits. Contractors can benefit from umbrella policies that allow for higher limits to cover lawsuits and high-risk projects.
- Workers’ Compensation: Despite training and protective equipment, an employee may experience an injury while working. This provincial legislated coverage pays for medical bills and income during recovery.
Learn more about HUB’s construction insurance offerings!