Insurance policy
A generic reference to any number of insurance policy types in construction designed to protect property owners, developers, and contractors through the various phases of a construction project.
An insurance policy is a contract that provides financial protection against specific risks, such as property damage, liability, or business interruption. In construction, having comprehensive insurance coverage is crucial for managing financial risks and ensuring project continuity in the event of unforeseen circumstances.
Used in a sentence
Ensure the insurance policy covers all potential risks associated with the project.
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What is Equipment Floater Insurance for Contractors?
Most contractors rely on tools and equipment to complete construction projects. But if something happens to those items, they can be expensive to replace. Contractors can benefit from purchasing an equipment floater to protect business property from damage and theft.聽 In this article, we鈥檒l explain how equipment floaters work, what they cover and how much […]
Construction Equipment Rental Insurance: How & Where to Get Coverage
Contractors and construction businesses that rent equipment should consider getting construction equipment rental insurance. This type of insurance covers the cost of replacing rented tools and equipment if they get damaged or stolen. Learn what construction equipment rental insurance covers, how much it costs and who can benefit from this kind of coverage. What does […]
Understanding Construction Insurance: Actuarial vs. Underwriting Factors
Determining the price of construction insurance is complex, with much of the work happening behind the scenes. Most construction companies interact primarily with an insurance broker or agent, but actuaries and underwriters work to develop models and adjustments that establish the price that an insured entity pays for the policy. Understanding how actuarial models work, […]
Construction Insurance Pricing: What Determines the Cost of Insurance?
Construction is a risky and litigious business, and insurance can help mitigate the risks for builders and owners. Construction insurance is a valuable and frequently required tool, so understanding how insurance is priced can help companies position their policies to maximize the benefits while keeping the costs under control. This article will cover the factors […]
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