Builders and design and construction firms must have the right risk. This helps to avoid catastrophic consequences, especially financially. High quality insurance for builders is the result of specialized underwriting in this industry and years of experience in understanding risks and claims.
If you are a contractor or builder, you are responsible for performing a variety of tasks on the project site. Therefore, if a client, staff or team member, or other business decides to sue you, you need protection. D&C insurance policy provides all risk coverage for contractors like you. Having this insurance gives you peace of mind, especially if the loss or damage to the asset occurs on site during the project period.
Different types of D&C professional indemnity policy
There are many D&C PI policies for insurers. Here are the most common:
- Annual Policies: If you perform any of these services, you may have to maintain an annual policy. It is designed to meet your civic responsibilities on all projects, including previous projects unless they are explicitly excluded.
- Project Specific: As the name suggests, this policy applies to a specific project. Principals and investors prefer builders with this insurance, especially for expensive projects as well as government infrastructure development. As a contractor, this policy can benefit you, especially if you work on unfamiliar or complex projects. This can also be useful if you are working on a joint venture with another business.
- Limitation of Liability: Insurers are responsible for compensating you for the amount not exceeding the compensation limit for all claims stated in the policy schedule. This means that there is always a limit on the amount the insurer will pay for all claims during a specific insurance period. If you can't find the limits on the policy schedule, they are usually written as "Restore" in the policy itself.
- Policy Extension: The wording of the policy may vary significantly depending on your insurer. However, they all have automatic and optional core extensions. Be sure to read the policy extension coverage as this does not necessarily mean that your insurer will cover wider coverage. Extensions, in most cases, are right backs. If an item is not covered, a written clause replaces it later or after the policy is written. In other words, insurers "write it back" in the policy.
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D&C Professional Compensation Insurance is not made equal. Grace Insurance is here to help you find the right solution that meets your needs. Contact us today for help..