Home Builders – Types of Insurance For Tradesmen and Home Builders
1. Public Liability Insurance – This will cover injury to 3rd party at or around the building site
2. Mobile Plant and Equipment Insurance – this will ensure that all your mobile plants and building equipment are protected not just at the time of damage but throughout the policy term.
3. Builder Warranty Insurance – This requires the building contractor is to obtain builder warranty insurance for every project they work on that exceeds $12,000. This is mandatory insurance so should not be overlooked.
4. Construction insurance – or contract works insurance/construction all risk insurance offers protection for people renovating, building or extending their home. This cover protects builders from most main risks that may be encountered during the construction and building process including weather related damages, fire, issues with their workers or workmanship and more.
5. Professional Indemnity Insurance: This insurance covers members of a particular profession that adhere to a code of practice and have minimum educational stipulations or requirements. This would typically cover any loss from the conduct of consultants or sub contractors if under the insured’s direction they would not be covered themselves.
6. Directors and Officers Insurance: which deals with the civil liabilities that directors can incur personally? It protects people in these positions against wrongful acts during the period of capacity
Anyone deciding to owner build their own home should ensure they are correctly covered for any accidents that may occur during the process. Owner Builders need to ensure that they have the following cover:
1. Public Liability Insurance: Again this will protect owner builders from injury to 3rd party at or around the building site
2. Personal Accident or volunteer’s workers insurance – this covers the owner builder from any injury or damage should they choose to assist the tradesmen during construction. This cover can also extend to the owner builders family/friends (up to 10 volunteers on site for a nominal premium)
Now you have all the tools you need to go out and choose the right cover!
Let Savill Hicks Insurance Brokers help find you the right cover. Talk to us about owner builder insurance, home warranty, trades insurance and more. Visit Savill Hicks Corp for more information.
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You will never know all there is about the construction industry, it is humanly impossible. But I do believe the more your know the betters. Our program is a great starting point and the following items can help expand your knowledge as a professional builder.
1. Required Reading
As a builder, my time is very limited on what I can read about the construction industry. One of my favorite publications is The Journal of Light Construction. What a great magazine to learn all the tricks of construction – to properly construct areas of a home and handle related construction problems. You’ll acquire a Ph.D. in construction if you read this magazine every month.
The next one is Builder Magazine. This publication will keep you abreast of the market, national trends, what’s hot and what’s not, and all the new products coming on the market. If you join the Home builder’s Association in your area, you’ll normally get a subscription to this magazine as part of your membership. If you do become a builder, you can normally acquire a free subscription to this publication by simply asking.
2. The Home Builder’s Association
I highly recommend you join your local chapter. You can locate your nearest chapter by going on line. Even if you’re only building one home or your first home, you can join as an apprentice builder.
Not only will you enjoy the meetings you attend, but also it gives you a chance to rub shoulders with the professional builders in your area and you’ll meet lenders, subcontractors and suppliers. You’ll also be provided access to the insurance you need at a discount over what most people pay.
Tom Harrison is the Founder of The National Institute of Home Building in Atlanta, Georga. http://www.nihb.com Tom is a native of Atlanta and a graduate of Georgia Tech. Tom has taught over 8,000 people how to build their own home without doing the physical work and about 30% of those students went on to become professional home builders.
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