Yes, we can insure these types of commercial projects: Works to domestic structures / new build domestic structures for profit (sale / investment property) Conversions of commercial structures (for example, office blocks) to multi-occupancy residential Commercial re-fits / extensions Commercial new-builds Works occurring at schools and other public structures We can’t insure: Works to modern […]
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Can you insure self-build projects?
We can insure: Self-managed – where the property owner is managing a series of contractors, but not undertaking the works with his/her own hands We can’t insure: Pure self-build projects – where the property owner is physically undertaking the work, whether this includes additional labour sourced elsewhere or not With a self-managed project, in addition […]
Do I need Project Liability insurance?
We always provide a minimum of Property Owners Liability (POL) insurance. When you come off risk with the existing building insurer, the POL cover will also be cancelled. We will re-instate this cover. It will indemnify the property owner for injury/loss stemming from ownership of defective property/land and additionally and it will provide legal defence […]
What does the policy actually cover?
Renovation Portfolio is an All Risks contract works package. We can cover the following: The Contract Works (compulsory) The Existing Structure (optional) Property Owner’s Liability (compulsory where Existing Structure insured) Project Public Liability (where Property Owner’s Liability is not enough) Employer’s Liability (only where Project Public Liability is insured) Non-negligent Liability (Party Wall Insurance) We […]
Are contents covered in this insurance?
We are able to offer contents insurance – but bear in mind that it is never the intention of a contract works product to offer high net worth contents insurance. We are happy with general contents, but we cannot offer cover for high-value assets such as jewellery, collections, fine art, antiques and the like. There […]
What is Party Wall Insurance?
Party Wall Insurance (also referred to as non-negligent, 21.2.1 or 6.5.1 insurance – it’s all the same thing) is a type of liability cover which is designed to meet a renovator’s obligations and liabilities under the Party Wall Act. The Act imposes a ‘strict liability’ on renovators for certain heads of structural damage to neighbouring […]
What is a JCT Contract?
The JCT suite of contracts are well understood, and frequently utilised set of ‘off the shelf’ contract terms which manage the relationship between a contractor and the employer (i.e.; the renovator/property owner). Within these contracts, there are clauses dealing with insurance. Our product has been designed to dovetail with the requirements of the JCT contract, […]
What does this insurance cost? Why does it cost so much?
When answering this question, the starting point has to be that, if you are comparing the cost of this cover to the cost of standard buildings insurance, you are comparing apples to oranges. Our package is not buildings insurance, it is contract works insurance. We cover not only the structure, but the capital investment in […]
What happens if a project overruns and we come to the end of the insurance period, but the project hasn’t finished?
Our product is a non-renewable, single period package which is designed to offer cover for the duration of the works. We will offer a contract term based on the projected duration of the project. Our policies can be purchased for as little as three months, of for multiple years in one hit. In the event […]
What happens if the cost of works has been under-estimated?
Like all material damage policies, Renovation Underwriting policies are subject to the condition of average. If the sums insured are significantly understated, then the condition of average will apply. A policy does include automatic uplift under both the buildings and works heads of cover. If the disclosure of sums insured at inception can be shown […]