BUSINESS LAW

Business Law



Question 1

I believe When taking on a self build project it is important to consider what would happen if an incident on your site resulted in injury to a member of the public, or damage to a third party's property. If you were to be liable in such a case, you could end up incurring unexpected financial losses which could seriously affect your build project. Self-Builder public liability insurance will provide all the cover you need to protect yourself and your investment against this, with a standard limit of £5,000,000.

Public liability claims can arise in many ways. It is worth bearing in mind that claims can occur following injury to visitors or even trespassers to your site and that property claims can arise from damage to underground services or to neighbouring property. By arranging a public liability policy with Self-builder you will be covered for the costs you would need to pay in damages if you're found to be responsible for personal injuries to a third party or damage to property. Self-builder public liability insurance will cover compensation and legal costs associated with defending claims against you, which can be unexpectedly large and could have an extremely adverse affect on your build project. or the small home builder who plans on managing their own project, there are three types of insurance that we recommend you use to build. The first type of insurance is called “Course of Construction” insurance which covers fire, vandalism, building materials, and equipment intended to become part of the building structure.

Since you are a small house builder managing your own project, you will find some insurers that will underwrite the construction liability insurance policy for Course of Construction. In other words, they will create coverage provisions and rates which can be tailored to your particular situation at hand. If you are working with a lender, these provisions in construction liability insurance would have to be amenable to the lending institution. Your bank or credit union may want to talk directly with your insurance company.

The second kind of insurance is called “General Liability Insurance.” Under general liability insurance, covered liability claims include bodily injury, property damage, personal injury as well as being a comprehensive general policy. The criteria are based on perceived risk and the state in which you operate. If you are working with a lending institution, general liability insurance is almost always required and will help your construction loan close faster. It covers not only the small house builder in the case of someone pursuing litigation, but also protects others that are on the premises. The third kind of insurance is “Workmen's Compensation Insurance.” This type of insurance provides replacement income and medical expenses to employees who are injured on the job. The requirements for providing this insurance vary from state to state. For example, if you live in New York State and have 2 or more workers on your premises, workmen's compensation insurance is a ...