What does JCT insurance cover?
JCT 21.2. 1 Insurance protects against expenses, liability, loss, claim or proceedings which may arise as the result of an injury or damage to any property which is not directly attributable to a negligent act.
Are liquidated damages covered by insurance?
Some policies specifically exclude coverage for any liability to pay penalties (contractual or otherwise) or liquidated damages for non-completion or delay in completion of any contract. In this case, the insured has an uninsured risk.
Do construction companies need professional indemnity insurance?
Construction industry professionals need liability and professional indemnity insurance to cover for business risks such as incorrect advice, legal claims against you for the provision of project management and failure to perform essential builder and building materials related checks.
What is JCT insurance option C?
The standard JCT Insurance Option C requires the Employer to maintain a joint names policy for existing structures, but where the Employer is a tenant of a multiple occupancy building, it is usually the landlord which insures the existing structures with the premium being recovered from the tenants of the building …
How does liquidated damages work?
Liquidated damages are an amount of money, agreed upon by the parties at the time of the contract signing, that establishes the damages that can be recovered in the event a party breaches the contract. The amount is supposed to reflect the best estimate of actual damages when the parties sign the contract.
Does a contractor need their own insurance?
So it’s vital for contractor to have their own public liability insurance, not only because your contracts will often require it, but because without insurance you are exposing yourself to massive financial risk.
What insurances do contractors need?
What insurance do IT contractors need?
- Professional indemnity insurance.
- Employers’ liability insurance.
- Public liability insurance.
- Office and business insurance.
- Business interruption insurance.
- Cyber liability insurance.