Property Development Insurance
Insurance for the financial, construction and operational risks behind development projects.
Protect what keeps your business moving
Property development brings together finance, planning, construction, contractors and changing market conditions. Weather damage, theft, cost escalation, builder insolvency, delays and cybercrime can all threaten a project’s viability. The right insurance program helps protect the development and the business behind it.
Who should consider it?
Insurance should be considered by developers of projects of every size, from a single residential development through to multi-unit, retail, industrial and commercial projects.
What can it cover?
Depending on the insurer, policy and options selected, cover may include:
Contract works for eligible buildings, materials, equipment and liability risks during construction.
Business insurance for office premises, property, theft, glass, machinery, money and selected liability exposures.
Cyber insurance for covered attacks, data incidents and response costs.
Management liability for eligible claims involving directors, managers or the company.
Workers’ compensation where the developer employs staff.
Important considerations
Where the builder arranges contract works insurance, the developer should confirm it is correctly named as an insured and that relevant subcontractors are included. Contract terms, sums insured, project duration and professional responsibilities require careful review.