Property development can be a great investment, but projects are often hit by unexpected delays, unforeseen problems, or unplanned changes to a design – all of which could be costly if the developer is not sufficiently protected.
From subsidence, to onsite accidents and injury, property developers insurance can be invaluable, and can be crucial to avoiding financial damage.
WHAT DO I NEED TO KNOW ABOUT PROPERTY DEVELOPERS INSURANCE?
Property developers insurance may be appropriate for anyone who is renovating or constructing a property, for the purposes of renting it out or selling it on completion of the project. Relevant to both new builds and renovations, extensions and conversions, it should be considered whatever the works are.
While your contractors may have their own insurance, their policies may not provide adequate cover. Property developers insurance often covers any legal expenses should anything unforeseen occur, such as injury to a worker.
Furthermore, property developers insurance often covers you if you are unable to receive rental income due to delays in the build. It may also cover any loss of mortgage interest if the property’s sale is delayed due to loss or damage.
HOW CAN ENNESS HELP WITH PROPERTY DEVELOPERS INSURANCE?
As soon as the property being developed has been purchased, property developers insurance should be considered. Being protected from the outset is imperative as unforeseen circumstances can occur at any stage of the project.
Our experienced insurance brokers work with a network of trusted insurers who can look after all your business insurance needs, including property developer insurance.