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Construction insurances are required on every single construction project. Construction insurances can provide coverage for material, risks, natural disasters, employees and even your own business. However, the insurance industry along with the construction industray are always looking to comprehend and provide the latest coverage on every single and unique situation. Here you will find the most common insurances used in the construction industry.
1. Liability Insurance
Liability insurance will protect contractors, home builders and remodelers against injuries, accidents or property damage suffer on the job
2. Builder's Risk Insurance
The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value).
3. Performance Bond
A performance bond is usually issued by a bank or an insurance company, both of which act as a “surety.”
4. Hold Harmless Agreement
The Hold Harmless agreement is commonly provided by the subcontractor to the contractor, builder, or others related professionals insuring against all work being executed by the subcontractor.
5. Bid Bond Surety
A bid bond is important to show proof of guarantee to the project owner that you can comply with the bid contract and also that you can accomplish the job as laid out in the contract.
6. Flood Insurance
Flood insurances typically have a queue of 30 days, before entering its coverage period, to avoid insurance solicitations only when a flood event is expected.
7. Workers Compensation
Workers Compensation is insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.
8. Wrap-Up Insurance
Wrap-Up Insurance is a broad policy coordinated to cover liability exposures for a large group of businesses that have something in common. Might be used to insure all businesses working on a large construction project, such as an apartment complex
9. Inland Marine
Inland Marine Insurance this broad type of coverage was developed for shipments that do not involve ocean transport. Covers articles in transit by all forms of land and air transportation as well as bridges, tunnels and other means of transportation and communication. Equipment Floaters that cover expensive construction equipment are included in this category.
10. Commercial Auto Fleets
AUTO INSURANCE POLICY
There are basically six different types of coverages. Some may be required by law. Others are optional. They are:
1. Bodily injury liability, for injuries the policyholder causes to someone else.
2. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s car.
3. Property damage liability, for damage the policyholder causes to someone else’s property.
4. Collision, for damage to the policyholder’s car from a collision.
5. Comprehensive, for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft.
6. Uninsured motorists coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.
Coverages and benefits listed above may be available at an additional charge, talk to us today to find out more.
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