Property Developers Insurance is a necessity for any type of development project, whether you are involved in a new build project, renovations or conversions. Investing your time and money into developing a property can be a fun and attractive way to make money, but there can be stumbling blocks along with way. You may be planning on flipping properties or seeking longer term income by letting them out.
As any property developer will tell you there can sometimes be unexpected delays or unforeseen circumstances that could have a detrimental impact on you financially if you are not properly protected. You could come across subsidence issues, accidents and injuries on site or building damage that can all have costly results. To help get you through these issues you need to protect yourself with property developers insurance to cover yourself against differing eventualities.
The type of cover you have will be dependent on the nature of the project and also the level of risk involved. At Goldcrest Insurance, we are experienced and well versed in all types of requirements when it comes to Property Developers Insurance and will do our upmost to provide you with the most appropriate cover at the best price.
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Who is Property Developers Insurance for?
Property Developers Insurance provides insurance for property developers, home builders, construction companies and contractors who are all planning to develop a property and then rent it out or on sell it once completed. It is suitable for new builds as well as those looking at renovating, adding extensions and conversions on to properties to make them better and bigger.
Why do I need it?
If you buy a property to develop it for financial gain, it is recommended that you insure the construction part of your build rather than leaving it to the contractors who may or may not have their own insurance. If it is a medium or large sized building renovations then having the right joint contracts tribunal clause makes the employer responsible for the insurance and not all for you. If you don’t have Property Developers Insurance and a problem occurs it could potentially leave you financially out of pocket and have devastating results in the case of an employer’s liability which is a breach against legal requirements. This insurance can cover you for:
- Public Liability
- Legal expenses
- Permanent and temporary works on site
- Buildings fixtures and fittings
- Loss of rental income if the letting of the property is delayed from any injury or loss
- Loss of Mortgage Interest due to the delay in selling due to an insured loss or damage
When should I get Property Developers Insurance
As soon as you buy a property that you have purchased with the intention of making money out of it through renovation or land that you plan to build on, then you want to be properly protected right from the start. By explaining your project requirements to one of our team, we can advise the most appropriate property developer insurance cover for you.
Depending on the type of project you may require different insurance products, for example someone developing a small housing estate has different responsibilities to converting a garage to a playroom. The scale and type of work can differ considerably from one project to the next and so it’s important to fully understand how to protect yourself, your staff (if appropriate) and members of the public alike. That’s why talking to an independent specialist is highly advisable, obviously that’s exactly what we do, we save our clients money, time and a lot of stress by ensuring they have the right cover for their individual needs.
We are also independent which means we have a large range of opportunity to gain the most competitive policies for our clients, our experience means that we recommend the insurance that is right for you, rather than the one that gives us the most financial gain. For us, our clients satisfaction is of utmost importance and once a relationship is formed we often find ourselves providing other types of insurance. This comes about because we gain the trust of our clients by providing good quality and affordable options that give a high level of protection.
So if you are about to embark on building work and are considering your property developers insurance requirements, then please get in touch today.