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How does self build insurance work and protect me?

Date Added: November 18, 2011 10:37:18 AM
Author:
Category: Insurance directory

How does self build insurance work and protect me?

A building protect involves a lot of money and the financial risks are higher. As with owning any property, the risks to insure are:

•    Accidental damage
•    Fire damage
•    Theft
•    Water and storm damage

If the owner of the building is taking up the project insurance, the cover must include for the above listed items plus public liability insurance. Normally for a new building, the Contractor should insure the:

•    Building works
•    Car and van insurance
•    Have employer’s liability insurance
•    Have professional indemnity insure for the parts that the Contractor is designing
•    Have public liability insurance
•    Legal expenses insurance
•    Materials on site insurance
•    Plant and equipment insurance
•    Plant hire insurance

Normally, all of this can be covered by a Contractor’s all risks insurance. Building works insurance and contractor’s insurance needs the services of a professional insurance broker. The broker will be able to obtain a few quotations for you to consider. Once you receive the policy have a read of it and see that everything is covered to minimise your risks. If any option is missing call your broker to adjust the policy.

Adjust the excess to see if the premiums result in any additional savings.

Read the self build insurance term and conditions carefully and store the documents in an easy to find place.
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