Construction insurance is vital for those in the construction industry as the risk of damage or injury is high. However, many experts in this field still get things wrong when it comes to their insurance cover. They end up being caught out when it comes to claim. Many have paid their insurance premium, only to find out that from a minor omission or error their policy is invalidated. This is common when self build insurance or site insurance is bought online as the questionnaire can be ‘manipulated’ to obtain a cheaper premium.
To make sure that your construction insurance will pay out if you claim, here are some things you need to be aware of:
- Ensure that you fully advise all the areas of work you undertake. If you’re a General Builder and take on roofing work, you must disclose it. Failure to do so could invalidate your cover.
- Correctly advise on payments to sub-contractors, labour only and direct employees. If an injury happens to any one of them and this is not disclosed, you could be liable.
- Fully adhere to your Health & Safety procedures. Any breaches could land you in hot water.
- Do not hide or conceal any previous liquidations or companies that have been wound up where you were a Director or Officer of that company. Our experience still shows that many omit to mention this very important requirement.
- Be aware that Public Liability insurance does NOT cover faulty workmanship. That is a separate insurance covered under structural warranty insurance (latent defects).
- Be aware that many Online insurance policies fall short of what you may require. Double check or seek specialist advice to ensure that it is done correctly and to your needs.
- Make sure you know what is covered by your insurance policy and what isn’t.
You can find out more about construction insurance here.
At Titan Insurance, we have over 30 years’ experience in construction insurance. If you need any advice or assistance, we’re here to help. Get in touch with us by calling 0207 731 3700 or send us an email.