There are plenty of property developers out there who go it alone, by this we mean they are the ones who go out there and source the property or land and then they are the ones that take on the build of the, development instead of sourcing it out to a building contractor.
When this is the case the Property Developer’s insurance must be correct to make sure the whole risk is insured.
The property undergoing development will need Unoccupied Property Insurance undergoing works if they are buying a structure to convert. They will then need to decide if buying unoccupied property insurance, what level of cover to go for and what length policy they should take out.
When buying unoccupied property insurance, it is crucial that you are aware what level of cover is adequate for your build. This is where we come into our own at Goldcrest Insurance as you can speak to us and we can advise, unlike a comparison site which will just lead you up the garden path and you won’t really have a clue as to what is right and wrong.
Levels of Insurance Cover
The levels of cover for Unoccupied Property Insurance are as follows:
Level 1 FLEEA, which covers you for Fire, Lightning, Earthquake, Explosion or Aircraft.
Level 2 cover includes all the FLEEA protection, but with additional subsidence and water damage insurance.
Then Level 3, or ‘full perils’ fully covers you for any issues, with no exclusions (although this is dependent on location and previous claims history).
If the property developer is buying a plot of land to build on, Land Liability will be needed, in case anyone was to be harmed on the plot. If someone were to be injured it would be deemed as damage to a third party and the land liability insurance would pick this up.
The developer to carry out the works will need a Contractor’s Combined Insurance. This insurance includes Contractors All Risk Insurance and is the most comprehensive cover a developer or a building contractor can have. It will cover the new structure or a structure which is being worked upon from the moment works commences up until the moment all tools are down and the contract is complete. The great thing about the Contractors Combined Insurance, is that it can be contract specific, or it can be for multiple contracts over the course of the year.
Other cover for property developer’s insurance can include, right of light insurance, legal indemnity insurance, JCT 21.2.1 insurance, bond insurance, building warranty insurance etc etc.
At Goldcrest Insurance we offer the best advice for Property Developers insurance and do this under one roof to make your development as easy as possible for you. Get in touch today to find out more.