Enhancements to the commercial Work Order – Gap Coverage

At FCT, we continue to look for ways to provide you with best-in-class coverage. We understand that the gap period between searching and closing can cause uncertainty when closing commercial real estate transactions. You’ve asked us for more time to complete your search responses and we’re excited to announce that effective August 14, 2023, FCT is increasing the time to obtain a clear written search report to within 45 days for transactions equal or under $10M and to within 90 days for transactions over $10M.

Offered at no extra cost on commercial owner policies, our enhanced Work Order-Gap endorsement further protects against the risk of a work order, deficiency notice, or notice of zoning bylaw violation being issued between the receipt of a clear search report and the closing of the transaction, provided the search is received prior to closing*.

We’re dedicated to providing the best possible coverage in the market and we take the time to customize your coverage, one policy at a time, based on the specifics of your transaction. Get in touch with us as soon as you know about an upcoming commercial transaction. Our expert underwriting team will work with you to mitigate risks and ensure your deal closes on time.

For more information on our products and services, please contact your FCT business development manager, or give us a call toll-free at 1.866.804.3112.

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^{*Insured must conduct searches and receive clear written reports dated within 45 or 90 days of the Date of Policy, as set out above. Coverage under the Work Order-Gap endorsement has not changed and will be limited to the lesser of ten percent (10%) of the Amount of Insurance or One Million Dollars ($1,000,000.00), as set out by the terms in each policy.}