Commercial Property Development Insurance
Our risk management advice and insurance solutions for property development and construction projects include:
- JCT contract conditions for both the principal and contractor owner controlled programmes
- Delayed start up, advanced profits and advanced rent
- Legal indemnities (for rights of way or defective title and more)
- Project specific liability and professional indemnity covers JCT 6.5.1 – non negligent collapse
- Latent defects
- Restricted covenants
Benefits of an owner controlled programme
If you are planning a new build or other significant construction project, we would normally recommend what we would describe as an owner controlled contractors all risks programme.
The benefits of this are:
- The landlord or developer retains total control of the premium, scope of cover and claims management of the the insurance cover being purchased.
- Premiums are transparent.
- Claims made by the third parties are only processed once rather than several times by the various contractors' insurers.
- A nominated loss adjuster may also be pre-agreed which will speed up effective claims settlement.
- Delay in start up insurance is not available via the contractor but as an employer you may purchase cover in addition to contract works.
More often than not, no consideration is paid to the knock on effect, in the event major damage occurs to the contract works resulting in a huge delay in practical completion.
We are able to arrange cover for:
- Advanced loss of profits if an owner occupier or tenant is unable to trade. This can include the increased cost of working incurred from the short term rental of alternative accommodation.
- Advanced loss of rent if the building under construction is pre let and there is a quantifiable loss of rent as a result of damage.
Contact us for a quote. Our experienced team will discuss your needs and tailor an insurance solution best suited to your requirements.
Get in touch
0203 040 6600