As a developer your insurance needs may not be limited to the standing asset and revenue stream.  The property may be refurbished, converted or even demolished and totally redeveloped.  This activity may be to maintain, renovate or improve existing buildings for retention/leasing or for sale.

This process may require third party financing. As the developer, you will inevitably enter into contracts with other parties who will undertake the work, manage it on your behalf or provide other professional services.

Therefore your insurance advisor needs to understand and accomodate:

  • The unique insurable risks inherent to property development.
  • The insurance obligations created by building contracts.
  • The development process from design to practical completion and beyond.
  • The terms of building contracts which will give rise to liabilities and indemnities between the contracting parties.
  • The role of the other members of your project team and how they interact.
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