In a construction site there is a higher possibility of accidents taking place. Workers can possibly damage a homeowner's property by mishandling materials and tools. Damages can also occur while remodeling the building, where the existing structure is dismantled and new additions are made. For a construction company liability insurance is an essential requirement. General Liability Insurance covers liability claims such as bodily injury, property damage, personal injury and it pays compensation for the law suits made against the insured.
CGL policies provide coverage for property damage, which occur during the policy period. Construction defect claims involve time of the occurrence of the damage. Thus, time period i.e. start and expiry dates of the policy are must to solve the disputes
In construction industry claims arise out because of the usage of the toxic materials which causes injury or a disease to the persons. So while buying a liability policy it is good to have pollution insurance included in the general liability insurance policy.
The price of most construction liability insurance policies depends on the type of work performed on the job site. Insurance agents and marketing executives of the insurance companies issue policies based on the value of annual contracts, the number of employees, and the probability of occurrence of the damages in the construction site.
Many small constructors think that it is not required for them to buy the liability insurance because of the high premiums, but they have to notice that the costs of legal fees and compensation are very high when compared to the costs of premiums.
So, when a contractor wants to buy an insurance policy he needs to compare quotes offered by the various companies and buy the one which has low cost and wide coverage.
CGL policies provide coverage for property damage, which occur during the policy period. Construction defect claims involve time of the occurrence of the damage. Thus, time period i.e. start and expiry dates of the policy are must to solve the disputes
In construction industry claims arise out because of the usage of the toxic materials which causes injury or a disease to the persons. So while buying a liability policy it is good to have pollution insurance included in the general liability insurance policy.
The price of most construction liability insurance policies depends on the type of work performed on the job site. Insurance agents and marketing executives of the insurance companies issue policies based on the value of annual contracts, the number of employees, and the probability of occurrence of the damages in the construction site.
Many small constructors think that it is not required for them to buy the liability insurance because of the high premiums, but they have to notice that the costs of legal fees and compensation are very high when compared to the costs of premiums.
So, when a contractor wants to buy an insurance policy he needs to compare quotes offered by the various companies and buy the one which has low cost and wide coverage.
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