Project Insurance

There are many different types of insurance designed to protect property owners, developers, and contractors during the various phases of a new project. In fact, insurance policies during the project stage are many a time mandatory under the contract between the principal and contractor looking at the huge monetary value involved in the project. Project covers are largely All Risk which includes cover for all accidental damages to the contract work unless specifically excluded. Many factors dictate the type of project insurance coverage one would need for a given project or business. These factors include the person’s relationship to the project (contractor, property owner, subcontractor, etc.) and the type of property to be covered.

A property owner undertaking a new project could seek to insure a number of things related to the project—for example, civil work like construction of roads/ bridges/dam/ building, equipment under erection, materials in transit, Workmen compensation, General liability, surety bonds, construction plant and machinery covers, professional indemnity, etc. Even project delays due to accidental damages and catastrophes can be covered under advance loss of profit insurance. At Life Insurance Scholar, we have the expertise to help you in choosing the right insurance for your project and assist you in claims for better indemnity in the event of a loss.