Because so much can unexpectedly go wrong during construction, it’s essential to have proper insurance coverage in place before beginning any work. The course of construction insurance, also known as COC or builders risk insurance, offers additional protection that will offset any unexpected costs that may arise. Here are three reasons why it’s crucial to your next project.
When you combine construction insurance with a construction liability policy, more potential building risks are protected. While liability policies often cover expenses related to personal injury and property damage, builders risk insurance protects a person’s materials or equipment. Having both policies in place protects your financial assets and offers comprehensive coverage.
Systems and areas on a construction site must often be tested for reliability. This is why testing coverage in conjunction with course of construction insurance is essential to your next project. This coverage insures on-site builders and supervisors at risk of injury when using machines they didn’t construct.
Additional Supplemental Policies
While COC insurance is vital to reducing financial strain by protecting personal property and materials, other supplemental policies can be added to your policy to increase its effectiveness. Some of these options include frame construction, debris removal and pollution cleanup.
To ensure you’re not undercovered, research potential insurance policies that will offset the costs associated with any unexpected risk. COC insurance is necessary for protecting on-site materials and equipment.