Design and Construct Insurance
Design and Construct Insurance
If you are a supplier or contractor responsible for both design and construction delivery within a single project, you have additional insurance requirements compared to where you are responsible for a straightforward construction project. BJP can advise you on the appropriate design and construct insurance cover, as well as source it for you.
What is Design and Construct Insurance?
In a design and construct insurance policy, you have the potential benefit of having a range of risks relating to different aspects of the whole project covered on a single policy. With the increasing popularity of a single supplier approach, it could be that you have developed your own, in house design capability for projects, or subcontract that element out to a specialist.
While this has clear potential advantages to you as a business, it will probably require insurance that covers you for the professional advice that you give – something not typically found within a standard construction contract.
A design and construct insurance policy protects you and your business both financially (from the costs of defending any claim, as well as any payouts that are deemed to be due) as well as in terms of your relationship with your client.
Design & Construct Insurance
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Design and Construct Professional Indemnity Insurance
Commissioning clients will typically insist that you have professional indemnity in place these days. Even if they don’t, where there is a design and specification element to the project, professional indemnity cover is likely to be strongly advisable. It protects you from claims of professional negligence pertaining to the services you deliver.
Even if you subcontract out key facets of the work – for example some architects’ drawings, you should not rely on your subcontractors insurance to pay out in the event of design errors. You would be accountable to your commissioning customer and could face significant costs if there were a problem.
Unlike a standard professional indemnity policy, a design and construct insurance policy also insures you to supply goods and carry out the work.
Talk to the BJP team today
Find the best design and construct insurance cover for your construction business
How much does a Design and Construct Insurance policy cost?
Policies vary in the same way as your design and build projects do! The value of the project, as well as the range and type of professional services included will all impact on the insurance costs. And that can be where working with an experienced construction industry specific broker like BJP can mean good value from your insurance. We will take time to understand your needs, ensuring you are adequately insured and that the cover is relevant to your requirements.
To discuss your design and construct insurance requirements, call our knowledgeable team today.
What other insurance cover might I need?
We can advise you better simply by knowing more about your business and the design and construct project you have in hand. It could be that you require additional cover pertaining to a range of other matters including:
Plant and Machinery Insurance – whether hired in or owned.
Tools Insurance – Beyond the cost of replacement, you need to consider the impact of any delays while waiting for replacements
Commercial Vehicles or Fleet Insurance – if you have 2 or more vehicles that you use regularly within your business.
Have you considered the risk of damaging neighbouring properties? We can provide JCT Contract Insurance to protect developers against expense, liability or proceedings caused by factors outside the architect’s or contractor’s control. Get in touch to find out how we can help you.
We can find you the right policy to suit your design and construct insurance needs. To get the peace of mind that comes from taking knowledgeable advice, call BJP Insurance today on 0345 356 2121.