Owner Controlled Programmes

Single Project Developer Controlled Construction Insurance

• This insurance gives the developer the ability to establish the insurance costs of the project(s) at the start, as the policy is effective for the period of the works rather than relying on the annual policies of numerous contractors and sub-contractors who may have to renew their insurances a number of times over the course of the project period.
• A single package will embrace both the property damage on the contract works, and fit out if required, also the ability to factor in provision for inflation, and additional expenses.
• Can cover the potential consequential loss of profits or rent arising from delay due to material damage to the works. Also cover for additional interest on finance can be insured.
• The ability to dictate the levels and excesses of cover for property damage and public liability.
• Peace of mind that the public liability will cover not only the main contractor, and the developer, but each sub-contractor or each and every tier (who should tender nett of public liability and contracts works insurance costs).
• A multiple insured clause can be included to ensure that if one party breaches a condition this does not invalidate coverage for another insured party.
• The package can include non negligence insurance for damage to surrounding property.
• Cover can include damage to the works due to defective design, specifications, materials and workmanship . Rather than just the consequent damage covered by most contractors policies.
• Off site storage and transit risks can be included.
• Additionally cover can be arranged separately to cover Latent Defects to the completed works (including loss of future rental income) for a 10-12 year period from completion.
• Covers can be placed with Standard & Poor’s “A” rated Security Insurers with the capacity to underwrite major development projects.

Please contact us to request an information pack.

http://www.affinityinsurance.ie