Property Developers Insurance is a set of differing types of insurance with the sole aim of protecting you against any pitfalls or situations that may arise. Not only will it give you piece of mind but it can also protect you financially.
It is necessary to have in place to help cover any costs should things go wrong on a property development project, this can include any loss or damage to equipment, the property or surrounding buildings as well as public liability.
Each project is unique and that is why a package of tailor-made cover is required. Here are the most common types of issues we have come across
1. Damage to property
You are liable for damage to surrounding properties and buildings as a result of work on site, this could be through yourself or your contractors. As the developer, you are responsible for making sure that cover is in place.
2. Damage and injury
It’s not only buildings that can get damage, you also need to protect yourself for injuries and accidents, this cover is required for anyone working on site, as well as members of the public who may not even have permission to be there in the first place.
3. Site shut down and disruptions
Financial cover is needed in case you have to stop work for any period of time, this can be due to issues with restrictive covenants (these can prevent you from changing existing parts of a building e.g. installing windows or from building certain types of property on the land, or issues with the Title or Deeds of the property such as them getting lost or mislaid. There may be other legal issues that require work to stop such as disagreements about access, environmental concerns or protests. All of these can cause a business to fold if adequate financial cover isn’t in place.
The Most Common Property Developers Insurance Cover
- Public Liability (no depth or height limits) – £1mil, £2 mil, £5mil, £10mil +
- Employers Liability (£10mil)
- Products Liability – £1mil, £2 mil, £5mil, £10mil +
- Contract Works/Plant All Risks /Contractors all risk
- Contract Performance Bonds
- Restrictive Covenants
- JCT
- Product Guarantee
- Professional Indemnity
- Directors and Officers Liability
- Legal Expenses and Employment Law Protection
- Motor Fleet Insurance
- Property Insurance – offices/yard
- Right of Light
- Absence of easement insurance
- Building Warranties
Insurance can be a minefield and that’s why you need the experts to guide you through it and help you understand exactly what it is that you need.
Don’t let that put you off though, a package of the necessary cover is a cost-effective way to give you the protection you need. By working with a specialist in this area such as Construction Insure, you can feel assured that you will receive independent advice and competitive prices. This is because we can search a large range of providers to find the best cover at the most affordable price. So if you are looking for Property Developers Insurance, then please do get in touch today!