JCT Contract Insurance
A JCT (Joint Contracts Tribunal) Contract is an agreement that clearly defines the responsibilities, and the liabilities, of each person or company involved in a building project. It acts as a safeguard for the client, developers and contractors in the event of a non-negligence insurance claim. At Construction Insure, we know which policies and contracts best protect your financial and legal liabilities on a build.
Types of JCT?
There are different types of JCT that may be more appropriate to your build. We deal with them all the time, so we’ll help you obtain the relevant one for you. Here are some examples of the different types.
JCT 21.21 protects you if there’s a non-negligence incident during the build. This is an issue, like lowering of groundwater, that couldn’t be foreseen and that non-one can be held liable for. However, remedial work would still have to be paid for. JCT 21.21 would cover these costs, even if there’s already a Contractors All Risks policy in place. The information the insurer would need would be, for instance: the scope and cost of the build, the original drawings and indemnity you require. This is something that we would, of course, help you with every step of the way.
JCT 5.4A is a variation where the property owner and contractor are name jointly on the policy for a new build. This is different from the contractor’s own ‘All Risks’ policy. Some policies do already include the developer as a matter of course, but we would advise you on any details like this.
JCT 5.4 is similar to JCT 5.4A. The variation is that, in this case, the developer and contractor are required to be named on the building insurance.
JCT 5.4C is another variation. This requires the contractor is added to the home policy, in effect, making it a ‘joint names’ policy for the building. This can be complicated, due to existing exclusions in some building policies. But we’re here to help simplify the process.
Need Insurance? Get in touch today!
Whatever your JCT contract insurance requirements, please get in touch today for a free no obligation quotation.