18 | 2017 LAKE STEWARDS NEWSLETTER Cottages are no small undertaking! Whether you are planning a renovation to an existing structure, or buying a parcel of land to build from the ground up, lots of thought andplanninggoesintocottageconstruction.Herearesome important considerations before work begins: Insurance Implications Whether you are considering a new construction from custom-designed plans or a pre-packaged model, or planning a renovation of any size, insurance is an important piece of the puzzle that requires attention before work begins. Many home and cottage insurance providers remove or significantly limit coverage on a dwelling that is under renovation or major construction. Specifically designed insurance products are available to ensure your construction investment is properly covered. A Builder’s Risk insurance policy insures the value of the completed construction project, offering coverage for insured property loss to your structure during a new build or significant renovation. This policy also insures building materials located on site that will be used in the construction, and may include coverage for soft costs such as architectural designs and permits. As the owner of the building under construction, it makes good sense that you own the Builder’s Risk insurance policy; in the event of a claim, you work together with the Insurer to settle a loss. Alternatively, certain General Contractors may offer to arrange the insurance on your behalf, as part of their contract with you. Depending upon the scope of your project, it may also be possible to request an extension of your existing cottage insurance policy for the construction period. Discuss your options with your insurance broker or agent before construction begins! Building or Renovating a Cottage: Know your Risks by Ross Fraser Cade Associates Insurance Brokers Ltd. Easy bundling for maximum fun. ŽƩĂŐĞ&ŝƌƐƚŝƐŽŶĞŽĨƚŚĞďĞƐƚŝŶƐƵƌĂŶĐĞƉĂĐŬĂŐĞƐĂǀĂŝůĂďůĞ ƚŽKŶƚĂƌŝŽĐŽƩĂŐĞƌƐ͘tŚŝůĞǁĞǁŝůůŝŶƐƵƌĞLJŽƵƌĐŽƩĂŐĞŽŶŝƚƐ ŽǁŶ͕ŽƵƌĐŽŵƉƌĞŚĞŶƐŝǀĞƉĂĐŬĂŐĞƐĂƌĞĚĞƐŝŐŶĞĚƚŽƐŝŵƉůŝĨLJ LJŽƵƌůŝĨĞďLJďƵŶĚůŝŶŐƚŽŐĞƚŚĞƌLJŽƵƌĐŽƩĂŐĞ͕ŚŽŵĞ͕ǁĂƚĞƌĐƌĂŌ͕ ƌĞĐƌĞĂƟŽŶĂůǀĞŚŝĐůĞƐĂŶĚĂƵƚŽŵŽďŝůĞƉŽůŝĐŝĞƐ͘zŽƵƌŝŶƐƵƌĂŶĐĞ ƉĂĐŬĂŐĞǁŝůůďĞĐƵƐƚŽŵŝnjĞĚƚŽŵĞĞƚLJŽƵƌŽǁŶƉĞƌƐŽŶĂůŶĞĞĚƐ ĂŶĚǁŝůůďĞŶĞĮƚĨƌŽŵĂŶĞdžĐůƵƐŝǀĞŽƩĂŐĞ&ŝƌƐƚĚŝƐĐŽƵŶƚ͘ /cadeinsurance @cade1st clientservices@cadeinsurance.com Request a quote. cottagefirst.com 1 844 CADE 1ST ďĞŶĞĮƚŽĨŵĞŵďĞƌƐŚŝƉŝŶ dŚĞŽƩĂŐĞ&ŝƌƐƚƉƌŽŐƌĂŵŝƐƵŶĚĞƌǁƌŝƩĞŶďLJdƌĂǀĞůĞƌƐĂŶĂĚĂ͘ Insurance