Construction projects carry many potential risks, which is why contractors need to get the right insurance policy to protect their business against claims. While general construction insurance can cover injuries and their corresponding costs, the client’s property also needs specific coverage against damage risks. A plan known as the course of construction insurance (COC) can offer the best solutions for such projects.
What Is COC?
SB One Insurance mentions that COC insurance, sometimes known as Builder’s Risk, particularly covers all property involved in the project. The items under this policy range from the building itself, to unused materials and the contractor’s tools and equipment. The coverage extends to multiple items and scenarios, with some flexibility that can add additional risks.
What Risks Does It Cover?
Every COC plan varies depending on the client or project. However, most plans cover a list of basic risks.
- Vandalism and riots
- Fire and explosion
- Wind and storm
- Vehicle collision
These are just some of the most common scenarios covered by this insurance. Custom plans can include more.
Who Benefits From COC?
COC insurance, just like other coverage plans, benefit both the contractors and the clients/owners. The former party will have the resources and funds to restart work, while the latter will be reassured that the project will continue, despite the delay.
Construction involves multiple laborers, heavy machinery and high stakes. The parties involved can choose a course of construction insurance to complement their standard liability coverage.