Insurance for demolition and reconstruction projects
Insurance for Demolition and Rebuilding Projects. Major projects should be handled by a major insurance agency.
Demolition and Rebuilding Projects, similar to National Outline Plan 38 projects, are a complex area that demands specialism in the construction insurance industry and the ability to conduct an in-depth risk analysis of the working processes in the project.
To obtain a quotation for insurance cover tailored to your needs
In addition to the contract works risks, there is another aspect of these projects that deter insurance companies – the residents that have to be evicted from the existing building. Many such projects involve people from lower socio-economic classes (one example being a Demolition and Rebuilding Project in Ramat Elishav in Lod, a neighbourhood reputed for crime, drugs and gangs). In such cases, a professional insurance agency is the key to success in formulating a policy for Demolition and Rebuilding Projects with extensive cover at the lowest possible cost.On the subject of evicting tenants from buildings – One of the risks in projects of this type is prolongation of the project, the resultant delay in handing-over the new apartments and the unexpected costs of rent for alternative accommodation until the project is completed.In some cases the risk is uninsurable however it is always possible to find a solution to provide insurance cover for physical damage at the site.
YOUR MAXIMUM BENEFIT
Years of specialism and professionalism have earned us a reputation as the leading insurance agency in the construction industry. In the 25 years we have specialised in insurance cover for construction companies, we have developed close relations with insurance company underwriters who “open doors for us” out of their appreciation for the quality underwriting information we provide them. This is especially so in the case of policies involving a high risk level such as Contractors All Risks, National Outline Plan 38 projects, insurance covers for property developers, Demolition and Rebuilding Projects and Professional Indemnity insurance.
The advantages you benefit from:
✔ Reduced costs – High risks levels naturally lead insurance companies to demand increased premiums and even decline to arrange the insurance at all. With the aid of our unique professional tools, we can arrange a policy for Demolition and Rebuilding Projects at preferential conditions.
✔ Insurance cover – Another tool that insurance companies use to reduce the risk is the application of exclusions and special protection warranties after conducting an in-depth analysis of the way in which the project is being carried out. Failure to comply with these requirements can lead to forfeiture of the insurance cover (even though in some cases certain requirements are impossible to implement). This is a classic example of why you need a highly experienced insurance agent whose word carries weight in the process of arranging a policy with the optimal cover for the customer.
✔ Streamlined procedures – Dealing with queries and quandaries by the insurance companies, the need to formulate creative solutions for the client which cover you on the one hand and are acceptable to the insurance company on the other hand can be a timely process. Nonetheless, despite everything, we have the tools and the connections to speed-up process in order to avoid unnecessary delays.
✔ With you all the way – Our agency, in conjunction with a team of insurance professionals, provides you with professional guidance not only at the time of arranging the policy but also during the entire construction period and thereafter. We realise the importance of availability and close professional assistance especially in the event of a claim, when we ensure that the insurance company pays the claim and complies with its undertakings in accordance with the policy conditions.
Furthermore, in the event of a severe accident or one involving casualties, we can refer you to accident investigators and specialist lawyers to provide further assistance.
For information or details about the type of insurance required,
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Contractors all risks insurance – because a major project needs a comprehensive insurance portfolio
This is the basic policy. The question is whether the cover is sufficient. It albeit covers damage to property and equipment, Third Party Liability and Employers Liability, but every project is different to its predecessor and if you want peace of mind with the knowledge that you have obtained the widest insurance cover possible, the policy needs to be adapted accordingly. This is the reason why a professional and experienced insurance agent needs to formulate a Contractors All Risks policy. That’s why we’re here…
Professional indemnity insurance-
An error or omission may lead to various types of damages and in this context damage is not necessarily physical damage. The cover under a Contractors All Risks policy is limited to physical damage only. No building contractor is perfect and flawless. Any error or damage in the construction industry can easily lead to significant expenses. This is where we come into the picture.
Products liability insurance
The purpose of a Products Liability insurance for Demolition and Rebuilding Projects is to cover damages which occur as a consequence of defective products, namely the building, or any part therein after completion of the project, with an emphasis on the risk after completion of the project. The Sale Law creates a 10 year liability period and some cases it can be extended to 20 years. There are numerous examples of potential damages: external tiles that could fall on passers-by, balconies that may collapse or crack, barriers that collapse when being leaned on, and to ensure that you do not have to bear the costs of such damages you need an experienced insurance agent with a forward-looking approach.
Surveys to document the condition of adjacent buildings are intended to avoid a situation whereby properties near the construction site do not take advantage of you. The survey documents the condition of the adjacent buildings before the works commence to avert any claims or defects that existed in adjacent buildings before the works commenced. In this way, the neighbours will have no grounds for suing you for damages that you did not cause, which without a survey, would be difficult for you to prove otherwise as a contractor. In this regard we would also draw your attention to some important information.
Insurance companies instruct specialist construction surveyors to conduct surveys for them. The surveyor may recommend or determine protection warranties and special conditions concerning the way in which the project is to be carried out, conditions that numerous Contractors All Risks policies contain, including for Demolition and Rebuilding Projects, National Outline Plan 38 projects and preservation and restoration of building projects. We shall now address two scenarios forming part of the “evolution” of the policy until it is signed-off by the insurance company.