What is construction all-risk insurance?
Construction site all-risk insurance is insurance that covers the risks associated with a construction site. It can be taken out by the owner of the site, the builder or the project manager. It is designed to protect the owner and other parties involved in the construction site against financial and physical risks that may arise during the duration of the work.
What are the risks covered by construction all-risk insurance?
Construction site all-risk insurance covers the financial and physical risks that may arise during the duration of the work. These risks include:
- Property damage, including damage to property and equipment, and associated financial loss.
- Bodily injury, including injury and death caused by accidents on the job site.
- Environmental damage, including damage to the environment, such as pollution and contamination of soil and water.
- Civil liability, including damage caused to third parties by acts or omissions of the owner, builder or project manager.
What are the guarantees offered by construction all-risk insurance?
Construction site all-risk insurance offers a full range of guarantees to cover the financial and physical risks associated with a construction site. These guarantees include:
- Coverage for property damage and associated financial loss.
- Coverage for bodily injury and death caused by jobsite accidents.
- Cover for environmental damage, such as pollution and contamination of soil and water.
- Cover for third party liability, including damage caused to third parties by acts or omissions of the owner, builder or main contractor.
How do I take out construction site all-risk insurance?
Taking out construction all-risk insurance is relatively simple. You must first contact a broker or insurer for a quote. You will then need to provide information about the job site, including its size, location and the type of work to be done. Once you have provided this information, your broker or insurer will provide you with a quote for Builders Risk Insurance.
Conclusion
Construction site all-risk insurance is insurance that covers the financial and physical risks associated with a construction site. It offers a full range of warranties to cover property damage, bodily injury, environmental damage and civil liability. Taking out all-risk construction insurance is relatively simple and can be done by contacting a broker or an insurer.
