You are a master problem solver. And one of the many problems you need to solve is choosing the right Contractors All Risk Insurance. Luckily, the solution is relatively straightforward, provided you base it on your unique business needs.
The two types of Contractors All Risk Insurance
Building new residential developments is a venture that comes with a myriad of risks. Contractors All Risk Insurance mitigates a lot of those risks by covering you against unforeseen damage to the property, and other people’s properties, while also covering the people on the construction site.
You can either opt for an Annual Contract or a Specific Contract, and your choice will depend on several factors including the size and frequency of your projects.
What is an Annual Contract?
An Annual Contract covers you for all the projects that you complete in a year. There’s no need to update the policy or put a new policy in place for each project, and premiums can be paid monthly or annually.
Because the Annual Contract covers a broad range of different projects, more generalised information will be used to estimate the scope of the developments.
Is an Annual Contract right for you?
It’s best to take out an Annual Contract when you need cover all year round. If you’re managing new developments day-to-day, you’ll have the added peace of mind of knowing that all your projects are automatically covered for a year, without having to draw up new contracts.
What is a Specific Contract?
The aptly named Specific Contract covers you for one specific project, for a set period, at a specified address. It’s cover that you take up separately, and it needs to be put in place every time you plan to start a new contract. You’re required to pay a once-off premium.
Is a Specific Contract right for you?
A Specific Contract could be ideal for property developers who only complete a small number of high-value projects each year. Because Specific Contracts are once-off policies, you can tailor them to your project’s individual needs, taking into account the higher risks associated with a high-value development.
They could also be well suited to developers who already have Annual Contracts, but who were recently awarded a new large-scale contract. By insuring the new project separately, you will be able to ensure that your new policy has higher sub-limits and more project-specific cover.
Are you thinking of assessing whether your Contractors All Risk Insurance meets your individual needs? OUTsurance offers tailor-made cover for Specific Contracts and Annual Contracts alike. They also offer Business All Risk Insurance, Public Liability Insurance, Motor Insurance, and Buildings Insurance.
OUTsurance is a licensed insurer and FSP.Ts, Cs and standard rates apply.