A comprehensive Construction and Builders Insurance policy provides protection for assets during the construction period and protects your business against any legal liability claims which arise as a result of the construction project.
Any contractor or builder that is responsible for carrying out works on site should consider a Construction Insurance policy that provides Contractors All Risk coverage. This is to ensure you are protected for any loss or damage to your assets that are on-site during the construction period.
A Construction Insurance policy is generally provided under 2 sections.
The first section will cover your assets and property during the construction period. This includes accidental damage, theft or loss of on-site materials including building materials, tools, plant and equipment during the construction period.
Key benefits which can be included under the property section of your construction insurance policy include:
The second section will cover your legal liability for any claims which are made against you as a result of your construction activities. A comprehensive construction insurance policy will also extend to cover completed operations liability which ensures you are protected for any legal liability claims which arise once you have handed over the work.
It is important to ensure your Construction Insurance extends to include the following forms of legal liability:
A Construction Insurance policy does not cover the following:
To get a quote that provides you with the right cover it's important you speak with a Construction and Builders Insurance expert who can advise you how best to design your Contractors All Risk Insurance.