Construction

Construction and development projects require a program of insurance to cover a wide variety of potential loss scenarios that may fall under a number of classes of insurance. These won’t necessarily be limited to the construction site itself, but may involve other risks such as materials in transit, the financial stability of other parties involved in the project, the suitability of the design.


You will also need to address potential delays in revenue streams or sale proceeds arising from the project at completion -  at a time when you may not even be certain if the completed project will be retained or sold on.  Loss or delay in releasing these monies could in turn require your financing arrangements to be renegotiated or extended.
Your insurance advisor needs to understand not only the project itself but also:

  • The development process from design through to practical completion and beyond.
  • The terms of building contracts.
  • The potential consequences of physical damage beyond just reinstatement.  
  • The role of the other members of your project team and how they interact.
  • How the project insurance can be arranged to provide a package integrating these issues, at a competitive price within the project budget.

 



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