Elements that are covered Under Course Of Construction Insurance

Imagine that your construction team finishes their work on a residential building one evening. However, an oily rag was left in a bucket there, unknown to anyone! The next day you realize that the rag bursts into flames because the day was hot and sunny! As a result, all your materials at the project site get destroyed. What would you go through as a company as you now have to do things all over again? Can you even imagine this kind of situation? So what do you need as a shield? It is the course of construction insurance, of course!

Construction insurance, also known as contractor insurance, is a must as it is designed to protect owners and contractors from the unbelievably horrible effects of accidental fires, floods, theft, vandalism, and other unwelcome accidents to a construction project.

What is covered under a Course of Construction Insurance?

So basically, the contractor insurance covers the property, including the materials and supplies necessary to complete the project. It covers the total value of a finished project that includes extra work fees for architects and engineers, the costs of barricades and additional site structures such as temporary buildings, and even costs like legal fees or premiums.

The course of Construction Insurance covers the following incidents and events:

In case vandals break into your construction site and cause damage to the property and the supplies that were there, you will not have to be worried about paying out of pocket to replace your materials. The course of construction Insurance will take care of it.

When faced with flood or earthquake and related damage caused to the project site, the expenses to remove the site debris and any potential demolition needed to repair damaged areas of the structure will be taken care of by Contractors insurance.