December 13, 2016
Property development is full of pitfalls – and many of them can be costly. This is why you need some form of property developer insurance in place. It’ll give you peace of mind and financial security should the worst happen.
Property developer insurance provides cover for any construction work you’re undertaking to improve your investment.
While many contractors carrying out the work will have their own insurance, you probably won’t be covered in relation to your exposure as their employer. Also, some contractors might not have insurance or their policy won’t be as comprehensive as you’d like.
A property developer insurance policy can help cover you for any costs incurred during construction on a private property, loss or damage to any plant used during the works, your public liability as the property owner, and your liability for any damage caused by your property to surrounding buildings, for example if a wall was to collapse on a neighbour’s car.
Each insurance company will provide a package that is unique to your project and requirements. This means it’s good to know what you need covering before you start an application.
Here are a few keys areas to consider:
You should be organising your insurance as soon as you’ve acquired the property and definitely before work starts.
Talk with your contractor first to see what insurance they have and whether they can help to provide you with some of the following details.
If you’re developing the property as a small business, you’ll need full details:
You’ll also need to give lots of detail about the project...