If you have decided to develop a new property, there are several things to consider before your contractors break ground and lay the foundation. Investing in the right protection, such as securing a course of construction policy (or COC insurance), ensures your final project meets your original design and specification. Accidents can happen, and by having a COC in place, you can avoid serious financial headache if something interrupts your scheduled completion.
Adding extra protection to a building project isn’t just for owners or developers. Contractors, engineers and project managers should also look into a policy that addresses the financial repair or replacement costs when something unexpected, such as theft, vandalism, fire, flood or another accident takes place. By including named and unnamed insured on a COC insurance policy, you can protect all parties involved in the event of a lawsuit arising from an accident.
The most common risks associated with a course of construction policy are found in unforeseen events that include:
- Impact by aircraft or vehicles
- Windstorm, hail
- Riot, vandalism and malicious acts
- Burglary and theft
By taking out an additional coverage policy, you reduce the risk of loss for your building project. While it isn’t going to cover everything, it’s better to invest in what you can than regret your inaction later.