Site Insurance for Property Developers
Property Development Insurance
Investing time and money in property development is often perceived to be a quick and guaranteed way of making a profit - especially if you plan to build houses and sell them on quickly. You will however, face a number of construction risks which can impact on development completion - building damage, subsidence, accidents and injury to name a few.
Protect your investment with property development insurance – get a quote today
Why do I need property development insurance?
The consequences of failing to arrange appropriate property development insurance could be financially devastating, and in the case of employer’s liability, a breach of legal requirements. Underwritten by RSA, our site insurance for property developers is provided on an individual contract basis and can provide cover up to a maximum £1M (subject to insurer's acceptance) for the rebuild cost of your property development for a period of up to 24 months. Offering a comprehensive policy, the following property development insurance cover is provided as standard:
- Permanent and temporary works
- Temporary buildings and fixtures and fittings
- Constructional plant, tools & equipment
- Hired in plant
- Employer's liability
- Public liability
- Personal accident
- Legal expenses
In addition, there are a number of extensions available upon request, including:
- JCT Clause 21.2.1 Insurance – Get protection against liability for damage to adjacent or surrounding property
- Loss of Rental Income - If the letting of the project is delayed following injury, loss or damage, Belmont-Builder can cover your losses up to a maximum of £20,000
- Loss of Mortgage Interest – If you incur interest on your mortgage due to a delay of the sale of the development following an insured loss or damage, cover can be provided for up to a maximum £20,000
Who the property development insurance is for?
Property development insurance provides home builders insurance for property developers and individual home builders, as well as construction companies and contractors who are planning to sell or rent the property upon completion. The comprehensive property development insurance policy is suitable for new builds, renovations, conversions and extensions.
How do I arrange property development insurance?
As soon as you have purchased your plot of land or property to renovate, we would advise you to arrange property development insurance as soon as possible to protect your investment.
Contact us about Property Development Insurance