10 Facts About Building Insurance

The construction industry is a highly specialised one, full of its own sets of risks and hazards. That’s why we have a unique and specially developed construction insurance to ensure comprehensive cover. This will protect you against damage to or loss of a building during construction.

Here are 10 simple, easy-to- understand facts about construction insurance:

1. This category of insurance also covers engineering, civil and development industries.

2. This insurance is interested in minimising the financial risk to investors and builders, of an uncompleted building.

3. It covers the expensive machinery that is often used in the process of building and engineering. It protects against human error, accidents, general wear and tear and damage in severe weather.

4. Construction insurance will also cover any damage done to property from accidents or equipment failure.

5. Here at Compendium, we will also insure contractors, property owners and other liable parties against claims that may come from an injured worker.

6. Construction insurance covers all risks and liabilities during the construction of roads, bridges and dams.

7. There is also a contingency policy that covers loss or damage that may occur during dismantling, transit or erection.

8. Your plan can be extended to include cover for testing new machines and equipment. This can be a risky and unreliable task, but at Compendium, we make sure you’re fully protected.

9. A building site can be dangerous and unpredictable. You never know when your machinery could break down. Construction insurance can be extended to incorporate the loss of profit you may experience when machinery and equipment breaks down.

10. Construction insurance also takes care of the hiring costs and charges for any equipment and machinery you may require.

Here at Compendium, we will tailor-make construction insurance packages specifically to your needs. If you have any questions, don’t hesitate to contact us and speak to one of our brokers on 087 724 9390.

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