There are various reasons you may be looking at civil contracting insurance. Some of the reasons may relate to trying to lower your insurance costs while others may simply be due to an insurance company shutting down or changing their policies. Regardless of the reasons you have for looking into a new civil contracting insurance, there are a few things you should look for. Here are three of them.
Delay in Start Up
There are some start up issues that are unavoidable. However, this start up delay may cost your investors more money and delay other things as well. In some cases, this means fines for you or lawsuits if it goes too far. You can avoid these issues with a delay in start up. This insurance will help cover you if there are fees, fines, or a company that wants to pull out all together. Certain insurance companies may have different guidelines and allowances in their delay in start up civil contracting insurance clause, so make sure to check with your representative in regards to this option and your business.
Certain countries and areas experience natural disasters more than others. For example, if you are on a coastline you may find that an issue would be with tornadoes, hurricanes, or flooding. These are considered natural catastrophes and can destroy your entire worksite setting you back days or weeks. For this reason, you want to be covered in case these catastrophes occur. Suitable civil construction insurance will likely have some sort of clause for this and may cover certain amounts for certain catastrophes. Make sure to check what the full coverage of this option is and if extended coverage is possible, especially in high risk areas..
Property Damage Only
You may have suitable coverage for your employees, equipment, and other options. However, your client for the civil construction may want the property covered as well. You should check with your civil contracting insurance to ensure that property damage is covered and in what amounts. Your client should give you the amount of coverage they would want, or you can go with scope of the contracting project itself to determine how much coverage you need.
Keep in mind that some of these options may be on extended insurance options and not part of the basic insurance being offered. If you aren't sure if the civil contracting insurance you are considering is what you need, contact a representative. They can go over your company needs and help you determine the options, based on your company history, that may be best for you.