Site insurance is a crucial consideration for anyone embarking on a self build, renovation, extension, or conversion project. Not only does it provide coverage for the physical loss or damage to the works, materials, plant, caravans, tools, and equipment used throughout the project, but it also protects against liability in the event that you inadvertently damage someone else's property or cause injury to another person during the course of the build.

At the point of 'Exchange contracts' or immediately before works begin, it is important to secure site insurance to cover the entire construction process until the project is completed and taken into use. It is essential to have the right coverage in place to safeguard your investment and protect yourself against unexpected risks and liabilities.

Here's what you need to know about site insurance and how it can benefit your building project:

Types of Coverage

• Physical damage: Covering loss or damage to the works, materials, plant, caravans, tools, and equipment used throughout the project, including fire loss, accidental damage, weather-related loss, theft, and vandalism.

• Liability: Covering incurred liability in the event that you damage someone else's property or cause injury to another person during the course of the build, including responsibility for Health & Safety on the site and potential legal action following an accident.

Benefits of Site Insurance

• Protects against unexpected risks and liabilities: Building projects come with their fair share of risks, from inclement weather to accidents on the site. Site insurance helps to protect against these unexpected events and the financial repercussions that could result.

• Flexibility: Site insurance policies can be tailored to suit the specific needs and timelines of your project. You can choose the duration of coverage and select an excess that aligns with your risk appetite. It is also possible to change the options as needed throughout the life-cycle of your project.

• Peace of mind: Knowing that you have coverage in place can provide peace of mind and allow you to focus on the construction process without worrying about potential losses or liabilities.

Factors to Consider When Choosing a Site Insurance Policy

• Type of coverage: As mentioned, site insurance provides coverage for physical damage and liability. Consider the specific risks and liabilities associated with your project and choose a policy that offers the right level of protection.

• Cost: As with any insurance policy, cost is a factor to consider. Be sure to shop around and compare quotes from multiple providers to find a policy that meets your needs at a price you can afford.

• Reputation: It is important to choose a reputable insurance provider with a track record of delivering on their promises. Look for a company with a strong customer service record and positive reviews from previous clients.

Conclusion

Site insurance is an essential consideration for anyone embarking on a self build, renovation, extension, or conversion project. It provides coverage for physical damage and liability, protecting your investment and safeguarding against unexpected risks and liabilities. When choosing a site insurance policy, consider the type of coverage you need, the cost, and the reputation of the provider. With the right coverage in place, you can focus on your construction project with confidence, knowing that you are protected.

Who Are Willow Private Finance?

Willow Private Finance helps property developers with their insurance needs by providing a comprehensive and personalized service. The company has a deep understanding of the mortgage, lending, and insurance industry, and is able to guide developers through the complex process of securing the right insurance coverage for their projects. Whether it's identifying the right insurance products or negotiating favourable terms, Willow Private Finance works closely with its clients to ensure that they have the protection they need to succeed.