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In addition to covering construction ‘all risks’, third party liability and retained structures, it can also protect your exposure to delays in completion (i.e. loss of income / rent) and non-negligence issues that arise from excavation works, piling, demolition and underpinning (JCT Clause 6.5.1 – previously 21.2.1) |
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It allows you to establish the probable insurance cost of a project at an early stage of its evaluation |
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It gives you the ability to dictate the basis of cover, limits and excesses, and to ensure that adequate insurance is maintained throughout the period of the contract |
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It means that the terms quoted will reflect your own loss history rather than that of the contractor |
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It gives you direct control over the use of claims payments for the repair of damage |
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It allows you freedom to choose a financially strong insurer with a dedicated claims team who are experts in handling the complex issues associated with construction |
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It enables you to use one insurer who will therefore have a real incentive to deal with the reinstatement of damage as quickly as possible in order to mitigate the loss of rent claim |
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