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Development site insurance

Development site insurance is a type of land insurance that you can get if you own a site that will in the future be turned from what is currently is into houses, flats, a road or even into fields. This insurance is used to protect you from any instance where a third party might injure themselves whilst they are on the land and then hold you liable as the person who owns the land.

This type of insurance is only for a site that is due to be developed and as such as soon as the development of the site actually started then the insurance would have to be cancelled as they only cover it before work begins. However it may take a long time between getting the site and deciding what you are going to develop it into and the work actually starting and especially if the public has right of access to it then you may want to get the insurance to protect yourself.

There are certain things that all companies will ask before giving you a quotation on all types of land insurance which include how big the land is by acreage and whereabouts the land is situated which means the postcode of the area. They will also want to know about any former uses of the land and how long you have owned it.

Generally with development site insurance most people get quotation for one million pounds worth of cover however you can also get quotations for two and five million pounds of cover. As this is the limit of any claims that are paid out it is very rare that you will have a claim for more than one million pounds but if you wanted the extra cover then the options are there.

For a development site land insurance policy the prices start at around £315 for a years cover and this would cover up to 100 acres, although there are certain other things that would have to be taken in to account such as whether or not there is any water features either at or adjacent to the land and whether or not the site is let out. This price is also based on only getting Public Liability Insurance for the land and no additional pieces of cover such as Legal Expenses.

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