Hello, my name is Pete. I live in Sydney with my wife and our pet dog. I had never been much of a fan of having to pay for insurance. It seemed like a waste of money. However, my view on insurance completely changed after a severe tropical storm caused the ground floor of our home to flood. Thankfully, the month before this happened, my friend who works in the insurance industry had convinced me that I should take out a policy. He helped me find the best one for my home and as a result, I was able to claim for the flood damage to my home. I decided to start a blog to encourage others to consider taking out insurance.
Civil contracting insurance is an essential tool to help you manage the risk that would be associated with your construction project. When selecting an insurance policy, the conventional option is to choose commercial general liability as a form of broad coverage. However, different construction projects have diverse needs, which makes it essential for you to base your decisions on the individual risk posed to your particular site. Luckily, insurance providers have a host of additional policies that you could bundle together with your primary civil contracting insurance. Read on for additional construction insurance policies that you could include in your coverage.
Builder's risk policy
As the name suggests, this insurance policy is designed to protect the insured party from an array of perils that would be posed to them during the construction project. Thus, it is usually a policy taken out to cover contractors, project managers, sub-contractors and even the owner of the building. Additionally, the builder's risk policy can also be utilised to protect the structure being built as well as the materials being used for the construction. If you choose to insure your construction materials, the coverage will be valid whether the materials are in transit to the site or if they are already on the construction site awaiting installation. Builder's risk policy will usually offer coverage for events such as theft, vandalism, fire and some weather elements. Nevertheless, it should be noted that there are also some exclusions with this type of policy such as earthquakes, improper handling of materials, damage caused by faulty construction equipment and more.
Contractor's pollution policy
This type of civil contracting insurance is to protect you from any third party claims for a host of issues that are related to pollution arising from the construction project. Some of the claims in this coverage include costs for pollution remediation, bodily harm as well as property damage. This type of policy would be highly advantageous for construction projects that involve demolition, excavations, pipeline installation and more.
Professional liability policy
In years past, professional liability policies were a staple for design professionals who are involved in a construction project. The policy would protect the designer against having to pay out of pocket for any design flaws that may occur in the building. However, in recent years, construction contractors are seeking this insurance policy as part of their civil contracting insurance as they take on the responsibility for the design of the structure as this would expose them to liability in the event of any subsequent damages.
Share18 October 2017
