Integrated Project Insurance - BJP Insurance Brokers

BJP are construction insurance specialists who can find risk management solutions for all your major construction projects.

Major property development and investment is only possible if an adequate insurance product is available.

We can provide advice on project insurance solutions with your project team and work with them to ensure any project contractual insurances required are correct and in place.

Major construction projects are significant risks to all parties involved from the funders to the design team to the contractors and sub-contractors working on site. It is important for you to engage a construction insurance specialist who understands the complexity of your project to ensure you have the right insurances in place.

We provide specialist advice and assistance on project insurance where all relevant cover can be packaged in an all-embracing project insurance cover to suit your needs.

This cover can provide you with a total insurance solution from pre-development, through to building warranty and property insurance. As construction specialists, we have access to a range of specialist underwriters and service providers and can find you an effective solution to meet your needs.

Below are examples of the more common specialist insurances incorporated into an integrated project insurance solution:

Advanced loss of profits Insurance (ALOP)
Public & products liability insurance
Professional indemnity insurance for design team
Contract Works/Contractors ‘All Risks’ Insurance
Pollution liability insurance/environmental Impairment liability insurance
Specialist engineering/plant insurance
Directors & Officers Insurance including entity cover
Insurance backed warranties
Latent Defects Insurance

Advanced Loss of Profits Insurance for construction projects

Advanced loss of profits insurance provides cover for the property developer, or project funder, should the project over-run and cause financial loss. This policy is specifically important for any large greenfield projects where delay in project completion could have a substantial impact on the expected income of the property owner.

This policy is specifically important for any large greenfield projects where delay in project completion could have a substantial impact on the expected income of the property.

Public Liability Insurance for construction projects

Public Liability Insurance is a core requirement for businesses. It protects you for your actions whilst at work and covers you for any damages that a member of the public may be awarded, as a result of injury, or damage to their property.

For example, if you are working at a project and cause accidental damage to any third party property, your public liability insurance will cover the compensation payments as well as any legal expenses.

Contract Works / All Risks Insurance for construction projects

This insurance provides ‘all-risk’ property insurance on the actual ‘works’ being erected from start of project until final completion date. It can also provide cover for materials stored both on and off-site for use on the project It can also incorporate some plant cover for both owned and hired-in plant. Contractors All Risks Policies can be arranged on a specific project basis and as part of an integrated project insurance. There may be a specialist project insurance form of contract conditions to consider when placing this cover.

For example, it provides cover if the project is partially erected and suffers major fire damage. Also, if any materials or plant is stolen from site.

Latent Defects Insurance / Building Warranties for construction projects

Once the project is completed, this insurance will provide and insurance backed structural warranty for the complete project to ensure the new owner has insurance protection against inherent or latent defect to the property. This cover can be placed for up to 15 years for the benefit of the new or any potential future owners over the total cover period.

For example, this insurance will provide cover if an inherent, or latent, structural defect is discovered 5 yrs after the property has been completed.

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www.pmi.org.uk
www.apm.org.uk
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