Understanding the Basics: What Construction Insurance Cover
Construction projects are inherently risky endeavours. From unexpected weather conditions to accidents on the job site, there are numerous factors that can derail a project and lead to financial loss. This is where construction insurance Melbourne comes into play. What is Construction Insurance? Construction insurance, also known as builder's risk insurance or construction risk insurance, is a type of insurance policy specifically designed to protect construction projects from various risks and liabilities. It provides coverage for both residential and commercial construction projects, including new construction, renovations, and remodelling projects. What Does Construction Insurance Cover? Construction insurance typically covers the following: Property Damage : Construction insurance provides coverage for damage to the building under construction, including the structure itself, materials, fixtures, and equipment. This coverage extends to damage caused by fire, vandalism, t...