Are you building a new commercial building or renovating your home?
Anything being built, erected, renovated, restored or installed should be considered for Construction Insurance or Erection Insurance, in the case of plant or equipment. From the simplest structure to the most complex, professionally arranged insurance is crucial to the protection of a project from start through to its completion and hand over. Building costs tend to increase dramatically so the correct sum insured, with adequate provision for escalating costs during both the build and any rebuild period is important.
Things to consider
Fire, theft, flood, earthquake, storm, collapse or impact, the risk of damage to unfinished structures is significant. Even damage to an existing structure due to construction work being undertaken needs to be catered for, as the underlying Material Damage policy or House Owners policy will likely exclude such damage.
If the work is a new building or involves the installation of new equipment which is expected to produce an income, then one can arrange an Advance Profits policy to protect the expected income stream.
Talk to us as early as possible to arrange comprehensive Construction Insurance for your next project.