Insurance needs are likely to vary as the project develops. At the outset the main priority may be to cover the land for flood or fire risks etc, but as soon as work begins insurance will be required in the event of anybody getting injured on the site. It will also be important to keep the structure itself insured during all the phases of its construction, and it therefore follows that your insurance requirements should be kept under close review.
Each build will be unique and multi-faceted and it is extremely important to make sure that it is properly covered. This is definitely not an area to cut back on. Some of the most common types of self build insurance are listed below. Customers are strongly advised to seek expert professional advice from an insurance broker.
Public Liability Insurance.
This is vital cover as it protects you against possible claims made by a person or organisation in respect of losses arising in any way from the building operations. This can even extend to somebody trespassing on the land and accidentally injuring themselves. When claims do arise they can be substantial.
Employers Liability Insurance.
Whether or not you are directly employing people working on site you will usually have a “duty of care” to them while they are there. Full cover is required against the risk of injury.
Site Insurance.
Sometimes called Contract Works Insurance – this protects you against losses that can be caused by vandals, theft, fire, flood, delivery vehicles and other eventualities that can cost time and money.
Your home may be repossessed if you do not keep up repayments on your mortgage.
