Types of Construction Insurance
Posted by BuildSafe1 on 1st July 2021 -
Construction insurance is class of insurance policies that provide coverage for contract works, property damage, third-party injuries or damage claims.
Below is a snapshot of different scenarios and the types of construction insurance available to provide financial protection.
| Scenario | Type of Insurance |
What does it cover |
|
There’s a fire on site and works completed have been destroyed. |
Protects the work in progress on a construction site in the event damage occurs as a result of an insured peril. | |
|
An independent contractor has a fall on site and this results in a serious head injury. |
Public Liability | Protects the company against potential legal costs incurred in defending the allegation |
|
An employee falls while climbing a ladder and causes a serious back injury. |
Employers Liability | Protects the company against legal costs incurred in defending the allegation. |
| Damage to your equipment, during a construction project. | Own Plant |
Protects against damage to own plant and equipment whilst in your custody or control or hired out under a defined agreement. |
|
Damage to the equipment hired-in occurs during a construction project. |
Hired in Plant | Protects your legal liability under the terms of your hiring agreement to pay compensation for damage to hired-in plant whilst in your custody or control |
|
A product that your company imports/uses causes injury to a customer and they claim for financial compensation. |
|
Protects against legal costs incurred in defending the allegation . |
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