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!
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.
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?
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…