Every construction or building project is accompanied by a level of risk, and with a wide variety of insurance policies available to the construction industry, ensuring you buy the right level of cover for your particular requirements can be a minefield.
Three of the most common types of insurance for the construction industry are Public Liability, Employer’s Liability and Contractors All Risks, but what happens if a structure you were responsible for is revealed to have a defect 10 years after completion?
Simon Gubbins, Managing Director at Robison & Co, said: “For high risk businesses like construction companies, having the right level of insurance could be the difference between surviving an unforeseen disaster, or not, that’s why having a third party, who’s an expert in all areas of construction insurance is so important.
One policy that’s often overlooked is Latent Defects Insurance, which provides cover for new buildings (or new works to existing buildings) in the event that latent defects become apparent. These policies have become more flexible in recent years, meaning lower premiums and longer protection, with 8 to 12 years the norm. Basic policies cover the structure and weatherproofing, but this can be extended to include non-structural elements and mechanical and electrical services. A Latent Defects policy will give you peace of mind and protect your business for years to come.”
As specialists in construction insurance, we understand the risks faced by businesses operating in the construction industry and will work with you to develop a comprehensive, bespoke policy based on your individual needs. We have extensive experience dealing with different levels and types of construction cover, including contractors all risks, contract works, latent defects, plant and equipment, and liability.
If you’re a building contractor and would like an audit of your existing policies, or advice on a new policy, please call Robison today on 01730 265500. We’d be happy to discuss your current needs and ascertain your level of risk.
