Insurance dilemma

BarneyMc

After almost a year of inactivity (mortgage issues) I'm ready to embark on finishing my new build. It's roofed and windows & doors installed.

My best quote for full liability, building, etc. for insurance is €1,185 for 12 months. I am going to project manage and employ direct labour for the rest of the build and hope to be in before Christmas.

Anyway, should I just insure the building (costing €235) and ensure that everyone I get on site has their own insurance or should I just go ahead with the full insurance quote to have peace of mind? I know most tradesmen have their own insurance but it only takes one!

Strolling Bones

What if a visitor has an accident - invited or not invited.
You could be ruined.

BarneyMc

Strolling Bones wrote: »

What if a visitor has an accident - invited or not invited.
You could be ruined.

Yes this is exactly what I'm thinking. Does the quote seem ok then?

I wonder how many people carry this through after their house is built (I'm guessing it doesn't matter if your house is in the process of being built or not)?

Strolling Bones

When the house is finished and you are moved in house and contents insurances vary and carry differing "window cleaner" type protection but it is worth asking at that time.

During the build you need CAR (Contarctors All Risks) to ensure the works in progress.
Who would otherwise pay if a JCB accidentally knocked down your gable end wall? Or if you had a fire (accidental / malicious) ?
Again insurance products vary so find a good broker.

BarneyMc

So after my 12 months of insurance I still haven't moved in! My current insurance provider has quoted for another 12 months (€1200) and also 3 months (€400). I'm so tempted to take out the 3 months but will be gutted if I don't get moved in in time - I should be ready for tiling in about 3-4 weeks and should be ok but I realise that it may not happen.

If I'm going to be doing some outside work on gardens, landscaping, etc. plus the odd tradesman over the coming 12 months then maybe I should just go ahead with the new 12 months policy just for peace of mind?

Metric Tensor

One big worry I'd have is that of a kid accessing the site when no-one is there and getting injured. Then you might have someone trying to argue that it's still a construction site.

Ask your broker if you get the full year and cancel it after 6 months would you be entitled to a partial refund.

893bet

Is 6 months an option?

You are lucky they allowed the extension at all. Many refuse.

BarneyMc

893bet wrote: »

Is 6 months an option?

You are lucky they allowed the extension at all. Many refuse.

No, just 3 or 12 months. Technically it's a new policy and not an extension.

BarneyMc

The insurance company sent the following:

"As you can see, the property would need to be signed off as well as moved into for the policy to lapse. If you were to just move into the property with works still ongoing, the Site Insurance would still be in place."

This is coming from a UK company. Do we have an official sign off here in Ireland? I wonder what constitutes 'works still ongoing". A phone call in the morning me thinks!