The need for a comprehensive policy to cover building contractors
always raises the well-known dilemma: On one hand faults such as property damage, bodily injury, third party liability are some of the most common and prominent features of the building industry, and on the other hand without contractor’s insurance
– you will have to pay for the damage out of your own pocket, something that can have serious to catastrophic implications.
The building contractor bears a very high level of responsibility both from the perspective of the legal duties imposed on him in various areas, especially concerning safety at work regulations and potential criminal offences arising from such violations.
Another point is the fact that project contracts sometimes impose huge financial responsibilities on the contractor, a common feature of turnkey contracts in which errors in calculating project costs can lead to financial collapse – a regular phenomenon in the industry.
It is therefore important to professionally formulate your Contractors All Risks insurance portfolio to ensure you are fully covered against unforeseen losses at the construction site. That’s where we come into the picture.
Important to know – Certificates of insurance of the contractor