With Brexit on the horizon and with its conclusion still extremely unclear, more and more people are looking to take on renovation or construction projects rather than sell their houses. This week, a client came to us completely unsure of what policies they would need for their upcoming project.
Construction Project Brief
The project was clear, they were to demolish their existing structure and replace it with a modern brick, block and slate property, with a reinstatement value of £600,000.
At Construction Insure not only were we able to provide a complete encompassing insurance package but we guaranteed her peace of mind by going through each induvial aspect of her project and what individual insurance she would need.
Following on from this we were instructed to look at the subcontractor’s insurances and were able to help here, pointing out gaps of cover and areas of improvement.
If you are thinking of undertaking a similar project and want to know what insurances, you will need please see the spec below or if you’d like to go through it with a specialist do not hesitate to call us today on 0203 958 6868.
Insurances Provided
Land Liability– covering the property owner should a third-party slip, trip or fall on the site.
JCT 21.2.1 (non-negligence insurance)– Otherwise known as non-negligence cover this provided the client with cover arising from loss or damage to the adjacent or surrounding property as a result of the works themselves (not negligent workmanship). This was extremely important as the client was underpinning their foundations which can cause ground movement or subsidence and would not be covered by a regular liability policy. The policy cover was extended to include work carried out by a contractor or sub-contractor.
Self-Build Warranty (Latent defect) Insurance: This was needed as it was to be a new build.
Covering the property for ten years for any structural defect (with a day one risk transfer), which will also allow them to sell the property more easily should they want to move within the next decade.