For building contractors and developers, let’s face it: insurance is the nagging requirement on the ‘To Do’ list, the expense you could really do without but cannot avoid. Whatever property you are developing, renovating or extending, you will have detailed risk assessments and you will know there is a wide range of insurances you need to effect. As a minimum, you will need to protect the site, your employees, contractors, visitors, the work you are undertaking and the project, construction and resourcing risk profile you have identified.
The good news is that there are lots of policies on the market that protect everything you are looking to cover. The multiplicity of policies is also, however, the bad news! As a developer you will already know that this is a complex service area with extensive underlying legislation and regulations. It can be difficult to assess which type of policy and cover will be best for your business and your projects. That’s where Fairweather Insurance Services comes in, with our experienced team ready to help you identify the most appropriate policy and arrange it all for you.
Our end-to-end ‘one-stop-shop’ approach for developers’ insurance starts with cover for the physical project – contract works, plant, public and employers’ liability etc. From the basic employers’ and public liability cover, there are contractors’ all risks policies, professional indemnity (PI) and directors’ & officers’ liability to consider. Then, depending on the nature and complexity of the project, you may need or want to discuss additional covers such as 6.5.1 (Non-Negligent Liability), Latent Defects, Structural Warranties and Performance Bonds etc. You may need specific indemnities for the type of property or land, such as managing restrictive covenants, working with heritage and listed buildings and assessing factors such as environmental protection and Rights of Light. We can advise on all of these at the appropriate time and Fairweather Insurance is an acknowledged specialist in arranging Rights of Light insurance in respect of both small and large developments.
In supporting property developers and construction/contractor companies, we find often that they are over-insured in some areas and not adequately covered in others. Usually this is simply because they are so busy doing the job that they have not managed to keep up with changes in regulatory or statutory requirements.
The Joint Contracts Tribunal (JCT) is obviously a good start since their comprehensive templates and supporting materials will help you stay in line with the industry governance, Health & Safety and employee/sub-contractor protection needs. Since it was established in 1931, that’s a lot of experience of the type of claims and disputes that can arise in this kind of project – experience put to good effect in setting out and defining the contractual terms that can protect all parties. The range of contract values covered goes from the ‘home owner’ (less than £50k) project, through Minor Works and Intermediate Works taking the value up to £1m and then the Standard JCT contract for works over £1m.
Whereas the JCT provisions hold the contractor liable to the employer for damage, Party Wall insurance is also important in respect of neighbouring properties because the provisions of the Party Wall Act make the employer liable for damage caused. You will need to look at who takes responsibility for the CDM (Contractor Design & Management Regulations) requirements where these apply and make sure that projects are notified accordingly before construction gets underway.
At Fairweather Insurance, we take the view that you know what you’re building – and we know how to insure it! So, talk to the Fairweather Insurance team about your project, your clients and how you want to work – and we will do the rest. We keep up with the legislation, the regulations and the requirements so that we can advise and support you effectively throughout the project. We know you want to be properly insured, not over-insured. If problems occur, it’s important to understand what is and isn’t covered and how to respond.
For a no-charge, no-obligation discussion about how Fairweather Insurance supports developers and contractors, call us on 01753 882222 or, if you prefer, send us an enquiry using the form and we will call you back.
