Construction Insurance in Seattle – What You Need to Know
You may have several questions regarding construction insurance in Seattle. This article will provide answers to these questions, as well as provide information on COC insurance, Builders risk, and Worker’s compensation. These are all important insurance policies for your construction project. But before you make a purchase, it is essential that you understand how these policies work. If you are unsure about these policies, contact an experienced attorney as soon as possible. This can help you avoid any pitfalls along the way and maximize your recovery.
Builders risk insurance
If you’re planning on building a house, apartment, or commercial property, you should have a builder’s risk insurance policy in place before the materials are delivered. A policy for the building’s construction and materials can cover damage or loss caused by many different perils, including earthquakes, floods, and wind in a beach zone. This type of insurance is designed to cover all of these risks, but it has some limitations. Before settling on a policy, it’s important to discuss the policy’s terms and conditions with your agent or broker.
Course of construction (COC) insurance
When you are planning to undertake a major renovation or construction project, you need to be protected from the costs of unforeseen disasters. A COC insurance policy will protect you, as well as your contractors, from financial loss. This type of insurance protects property owners, contractors, and subcontractors. The insurance is designed to cover the costs of repairing damages or starting over after a disaster. In addition, it is a great way to protect your personal assets.
Worker’s compensation insurance for construction insurance in Seattle protects construction companies and workers from injuries and property damages. While the majority of job sites are safe, accidents do occur and workers may need to seek medical attention. Depending on the size of the job, this coverage may cover medical bills, lost wages, and other costs. Purchasing insurance will cover the cost of these injuries and damages as well. In addition, it may also protect your company against environmental factors, such as fire.
If you are a contractor in the Pacific Northwest, you should have professional liability construction insurance. This type of coverage protects you from legal liabilities in the event of an accident, including injuries caused by your negligence. Regardless of the size of your business, it is important to have some type of insurance to protect yourself from potential financial losses. The first step to managing your CGL risks is understanding your insurance policy. Typical examples of CGL claims include a customer tripping over loose flooring, or an employee leaving running water. Another possibility involves a class action lawsuit alleging your company has made false or misleading information regarding your services.
In addition to defining the scope of your project, your builders risk insurance policy should also specify if modular components are covered. A policy that covers modular components includes Hartford Form MS 00 23 09 03 for structural components, while the majority of builders risk policies do not cover existing structures. However, some policies can specifically exclude modular components if manufactured off-site. Read your insurance policy to find out what you’re covered for, and what’s not.