INSURANCE FOR THE PRESERVATION AND RESTORATION OF BUILDINGS. A POLICY THAT INSURANCE COMPANIES PREFER TO AVOID.
Projects involving the preservation and restoration of buildings present a high risk and the potential for large claims. The risk from the insurance company’s perspective is twofold – firstly due the poor condition of the building, thereby increasing the risk of its total or partial collapse and subsequent insurance claims, and secondly since in the event of a claim the building will need to be restored in such a way that it is brought back to its original condition.
Over the last few years there have been several cases of buildings collapsing during the course of preservation and restoration works, thereby making cover for these types of projects quite unattractive from the insurance company’s perspective.
Restoring buildings is a complex and costly task. It is also necessary to comply with various legal requirements relating to the preservation and restoration of buildings, and compliance with these laws makes the restoration works even more complex. Various surprises also arise along the way. But don’t despair – we can help!
To obtain a quotation for insurance cover tailored to your needs
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Benefit from our experience for peace of mind and reduced costs
We have been specialising in construction insurance for 25 years, during which time more and more major and reputable contractors and building companies have taken the decision to arrange their insurance portfolios with us comprised of Contractors All Risks, Professional Indemnity and Products Liability insurance. Insurance company underwriters are also familiar with our professionalism, integrity and ability to devise creative and tailor made solutions for each individual project. We can successfully devise a policy for the preservation and renovation of buildings and provide further advantages.
Other advantages of working with us:
✔ Reduced costs – The costs of arranging insurance for the preservation and restoration of buildings are quite high considering the risk levels involved in such projects. We have the tools to provide you with the optimal level of insurance cover at the lowest price.
✔ Insurance cover – It is of paramount important to arrange the widest insurance cover for any construction project and especially so for projects involving a high level of risk. On many occasions the policy will be subject to various protection warranties, exclusions and procedures concerning work methods designed to minimise losses and reduce various risks, and this is precisely where we will make our best efforts to ensure you have the optimal cover.
✔ Streamlined procedures – Without insurance cover it is not possible to commence the project.
✔ The insurance companies sometimes create protracted and onerous procedures for arranging insurance cover for preservation and restoration projects. We ensure that things proceed as quickly as possible by giving preference to the survey and underwriting processes.
✔ With you all the way – Our involvement doesn’t end when the policy is issued. We have a team comprised of insurance experts, engineers, accident investigators and lawyers (to assist in dealing with accidents involving severe injuries) who are available to assist you during the entire preservation and restoration project. We can be contacted at any time to provide you with professional advice and guidance and ensure you exercise your full rights under the insurance policy in the event of a claim.
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Constructors all risks insurance - important facts
The basic insurance cover provided under a Contractors All Risks policy is quite basic. But why suffice with basic cover when you can obtain extended cover? In general, who know better than you that each and every project has its unique aspects which the basic policy does not cover and as a result you are potentially exposed to various unnecessary and costly risks. This emphasises the importance of a professional and experienced insurance agent who can arrange extended cover at a competitive price.
Insurance cover for building
constractors - important information
It’s common knowledge that insurance companies prefer to avoid issuing insurance policies for building preservation and rebuilding projects due to the high risk level they present. However an experience insurance agent, with extensive and in-depth knowledge and experience in the insurance industry, can find creative solutions to provide the widest cover and alleviate the concerns of the insurance companies. How do we do it?
Insurance for property developers -
because you have a major responsibility
Every construction enterprise is a complex project: The building contractor, subcontractors, equipment, property, Gantt chart, raw materials, work procedures, safety regulations are all meant to be addressed by an insurance policy covering the property developer to provide the right level of protection. Due to these complexities and numerous contingencies that have to be considered in advance, we will formulate an insurance policy for the property developer that provides comprehensive cover for those contingencies and unforeseen situations. You should also be aware of some important information…
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.