Insurance
Insurance is one of the key mitigants of construction risk. There are a myriad of different types of insurance available and policy wordings can vary significantly. Specialist advice will therefore be required on any major project to ensure that appropriate coverage is taken out and maintained. These are the key insurance policies to consider: Employers liability All businessesmust take out employer’s liability insurance withminimum levels of indemnity which cover injury or disease caused to an employee of the company. Failure to have this insurance in place is a criminal offence. Public liability Contractors should take out annual public liability insurance as a matter of good business practice. These policies are designed to cover liability in tort to third parties for death/injury to a person (other than an employee) or damage to third party property caused by the construction operations of the contractor. Policies may also cover liability for obstruction, trespass, nuisance or loss of amenity. They do not cover damage to the works themselves. Public Liability insurance is often purchased in a combined policy with Construction All Risks.
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