It is important to know the cover type before choosing the right property developer insurance quote. Property developer insurance cover is flexible and comes in a range for you to select from depending on the needs of your project and the building stage you are at.
• Contract Works Cover – This part covers costs related to any physical damage to any work carried out from the start up to the full contract value if required. This basic cover includes things such as fire, flood, storm damage, theft and vandalism costs.
• Public Liability – This is an essential part of the insurance as there are always going to be public or contractors on site. It will protect you against claims of accident or injury of an individual due to on-site mishaps.
• Employer's Liability – In cases where bona-fide or labour-only contractors are employed and working under your instruction, employer's liability insurance is a must.
• Plant and Tools Insurance – In case of theft or damage of tools and plants that you own or have hired, this insurance will cover the replacement costs. It can cover for temporary site buildings like portable toilets and site huts too.
Getting a Property Developer Insurance Quote
It is important that you get an accurate property developer insurance quote that includes all the information you need to hand in before starting.
This includes:
• The scope of the build
• The type (renovation, self-build, commercial conversion, or new build)
• Sums insured required
• Building materials to be used
• Project start date (and whether you need land-only insurance beforehand)
• Project timelines
• Plant and machinery cover required
• Liability requirements
By having this entire set of information, you will most likely receive the full cover you'll need, most importantly at the best price possible.
What Insurance Do Property Developers Need?
The type of covers of a property developer insurance can be optional or essential, regardless of project scale.
Essential Property Developer Cover -As site owner, you will have some legal responsibilities such as liability cover against on-site accidents and injuries. As such, the minimum you'll need:
- Public Indemnity insurance
- Employer's Liability insurance
- Contract works insurance
- Plant and tools insurance
Optional Insurance Property Developers - Along with the essentials, additional property developer insurance is to be considered depending on your project circumstances.
- Land-only Cover - for pre-build
- Non-Negligent Cover - for neighbouring buildings damage
- Insurance cover extensions - if a project is delayed, cover can extend with ease
- Cover against damage and theft for temporary site buildings.
What Insurance Do Property Developers Need When Using Contractors?
Your subcontractors may prove that they have public liability cover, but there are always elements of a project that can cross over between the site owner and contractors. In cases where the ownership of an incident is not clear, you wouldn’t want to be without insurance cover.
Invest in insurance property developers that suits the requirements of your project to stay covered in case of any unexpected accidents or mishaps.
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