Development sites are dynamic environments where every day brings a whole host of different activities and jobs all taking place at once, or around each other. This can often involve heavy machinery, hazardous materials, multiple contractors and more, which ultimately creates a more high-risk environment. Development site insurance is designed to protect and safeguard your project, ensuring that you are covered in the case of accidents or injury, property damage and more. In this article, we will explore some of the most common risks covered by development site insurance.
Damage To Structures
Damage to structures, whether existing around the site or newly built structures on the site, can cause considerable problems for workers and the ongoing project. Whether this damage is done by workmen on site, or by natural events including storms, floods or fires, accidental damage can be devastating to an ongoing project. Some Development Site Insurance products can provide cover for these situations, ensuring that you are protected financially.
Theft of Materials, Tools and Equipment
Tools are growing in value and expense every year, and the last thing any construction worker wants to face is the loss of their tools. Construction sites often have valuable tools, equipment, and building materials stored on-site, making them attractive targets for theft. Loss of these materials can cause significant delays and financial strain on a project, as well as to individual contractors. Tools cover can often help in these situations.
Public Injury and Illness
Development sites pose significant risks to the public, especially if they are located in populated areas. Accidents involving passers-by or damage to neighbouring properties can result in costly claims. If a member of the public were to trip over materials left around, or they were to be hit by something falling in the area, you could be found liable for compensation. Claims made against you could lead to financial trouble that may affect the project in the long run. With Public Liability Insurance, you are covered financially for any legal fees, compensation and other monetary requirements for claims.
Injuries to Workers
Construction sites are inherently dangerous, and injuries to workers are not uncommon. Employer’s liability insurance ensures that the development company is covered in the event that an employee is injured or becomes ill due to their work on the site. It is a legal requirement in the UK for any business with employees, and a must-have for extra peace of mind that all the right policies are in place.
Damage to Third-Party Property
During construction, it’s not just the development site itself that’s at risk. Adjacent properties or infrastructure can also be damaged due to construction activities. Development site insurance can typically cover any damage caused to third-party property as a result of the construction project, including legal fees, compensation and reinstatement or repair costs where necessary.
Environmental Damage
Many construction projects involve the handling of hazardous materials or chemicals that can pose environmental risks to the surrounding area. Spills or leaks can cause contamination of soil or nearby water sources, which may lead to hefty fines and remediation costs, and emissions from machinery or tools can also pose a risk. Some insurance may cover you for any potential claims relating to this. Speak to our team for more information.
Delays Due to Unforeseen Circumstances
Delays can be costly, especially if they lead to contractual penalties or extended timelines for project completion. Some insurance products can cover financial losses incurred from delays due to insured events like extreme weather or damage to critical equipment, depending on the cause and the wording in your policy. If you’re unsure, our team can help you navigate the needs of your property.
Vandalism and Malicious Damage
Development sites, particularly those in urban areas, are at risk of vandalism. This could be anything from graffiti to more destructive acts that damage structures or equipment. Some vandalism can lead to delays in work, damaged property and therefore additional costs to repair structures or re-buy materials, and more. Development Site Insurance products may cover this kind of damage.
Development site insurance is essential for protecting against the myriad of risks that can arise during the construction process. From structural damage to theft, injuries, and environmental hazards, this insurance provides a safety net that helps keep projects on track and prevents financial losses. By understanding the common risks and ensuring appropriate coverage, developers and contractors can focus on completing their projects with confidence.
For help finding the right insurance for your development site, we are on hand to help. Get in touch with Ashburnham Insurance on FREEPHONE 0800 1696137.