INSURANCE FOR LAND OWNERSHIP. WHEN THERE’S NO EQUIPMENT, RAW MATERIALS AND WORKERS – WHAT’S LEFT TO INSURE?
Your construction project has not yet started, but still, it is important to insure the plot of land you own.
On the face of things the question arises – why? There is no equipment and raw materials, there are no contractors and workers at the site – so what’s left to insure?
Your liability to third parties as the owner or occupier of the plot of land which you are planning to build on in the future. Why? There is no shortage of examples: A fire that breaks out in a dry shrubbery in your plot and spreads to neighbouring buildings, someone disposes of an old refrigerator on your plot and a child gets injured by it whilst playing – this is only the tip of the iceberg.
Your land? Your responsibility!
The question now is how you insure yourself against the maximum scope of risks at the minimum price? Keep reading on.
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Itzik Simon – Insurance Agency – the leading insurance agency in the construction industry.
Itzik Simon Insurance Agency is considered the leading insurance agency in the construction industry. We have 25 years’ experience specialising in the construction insurance industry and have spent hundreds of hours at construction sites, providing guidance and assistance for a diverse range of projects. Our portfolio includes thousands of Contractors All Risks policies and other policies for property developers and investors. There’s almost nothing we haven’t seen over the years, including some quite unimaginable insurance claims. We have learnt from our experience in dealing with risks, mishaps, accidents and their causes and their prevention. We have also acquired experience in conducting in-depth risk analyses and meticulously formulating insurance portfolios, in a nutshell – how to devise the optimal insurance policy for land ownership at the minimum price providing the maximum cover.
✔ Maximum insurance cover – A particularly important factor is the unexpected. Nobody at the plot can prevent or warn against an extraordinary event if the plot is not guarded and so if anything untoward happens, you will only hear about after it has happened. Moreover, no one plot of land is identical to any other: Who are the neighbours (residential dwellings? other plots of land?), the type of population in the area (children….schools), the social fabric of the surrounding area (higher echelon or crime infested area) and various other influential factors. This is another reason why extensive experience is important, experience that has taught us how to arrange a professional insurance portfolio with more extensions to the cover and much more favourable policy conditions that are usually available in the standard cover.
✔ The important of pricing. As the leading insurance agency in the construction industry, we are considered as wholesale insurance buyers and just like in any other sector – bulk buying commends more competitive prices. Our status with the insurance companies enables us to obtain very competitive prices and thereby offer much more insurance cover at especially favourable conditions.
✔ Hands-on assistance and guidance. One of the reasons why construction companies, contractors and property developers prefer to arrange their insurance portfolio with us is the constant availability and professional guidance we offer, and no less importantly – in the event of a large claim we are here to support you together with a team comprised of insurance loss assessors, surveyors, engineers with the sole aim of ensuring you maximise your rights under the policy.
Where necessary we can also arrange for accident investigations to be undertaken by experienced specialists who assist us in liaising with the various authorities.
For information or details about the type of insurance required,
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Property damage insurance for investment property
Property damage insurance and in the professional jargon – Extended Fire Insurance – insurance is one of the policies that forms part of the insurance portfolio for investment property and land ownership. We will focus on the word “Extended” since this is where our unique advantages come into play, by virtue of which you benefit from the widest insurance cover at the lowest price possible, something we achieve with the aid of numerous professional tools, namely: a preliminary and comprehensive risk assessment and of course, decades of experience and our reputation with the insurance companies…
Third party liability insurance that gives you peace of mind
It’s enough for there to be a rickety staircase, a maintenance defect, a fire that breaks out in your property and spreads to a neighbour’s property, a water pipe that bursts and floods lower floors….and countless other examples which expose you to claims and significant compensation for damages. Mitigating these insurable risks as far as possible is done by conducting an in-depth risk analysis and formulating a comprehensive insurance portfolio that addresses all of your assets and property, with the aim of obtaining the widest cover for all of your properties. These and other advantages ensure you have the maximum insurance cover at the lowest price…
Demolition and rebulding insurance - and land ownership after the removal
Insurance for demolition and rebuilding projects demands expertise in construction insurance, risk analysis and an in-depth review of all stages and processes of the project. In addition to the usual risks arising from contract works, there is another element that quite often deters the insurance companies and that is the fact that the residents need to be evacuated, people who in many cases come from low socio-economic classes of society and in some cases oppose the project (for example, a demolition and rebuilding project in the Argazim neighbourhood in the city of Lod, an area affected by crime, drugs and social problems). The insurance for such projects unquestionably needs to be handled by an insurance agency that specialises in this type of cover…