Fires can happen to anyone and at any time, with or without warning, and when it does happen it is more important to make sure that everyone is safe before trying to save the property. More often than not, fires can ravage a home, a business and any other property,
No matter how carefully you drive or how much attention you pay, the risk of you being involved in a car accident is highly probable due to the increased number of road users. If you have been injured in a car accident, then this guideline should offer the support you
First-time drivers may feel that they already know everything that they should do when they are on the road but actually, there are still a lot more that they have to know before they can ride their cars freely. You may not really think about car insurance when you are
Mother Nature is usually wonderful, beautiful, and stunning, but every once in a while, it can be a cruel and unforgiving parent to us all. We, of course, refer to the natural disasters that can strike anytime, depending on your location and the season. Hurricanes, storms, floods, earthquakes, and fires
When you’ve found the perfect piece of property for your home or real estate investment, the next step is to find the right construction company. It’s essential to select the right company in order to ensure your initial investment is protected and to give you the best possible future outcome
The havoc caused by Mother Nature can sometimes cause havoc on our nation. Thankfully, rural insurance providers, Lycetts, are here to provide us with advice on how we can prepare for, and then recover from, a number of problematic disasters. Drought We use a huge amount of water throughout the
DSU insurance is a safety net for project owners, developers and construction companies that protects parties from significant financial loss in circumstances where there have been extensive delays to a project. These delays can come in a variety of forms and can lead to loss of profits and revenue streams
Fires can happen to anyone and at any time, with or without warning, and when it does happen it is more important to make sure that everyone is safe before trying to save the property. More often than not, fires can ravage a home, a business and any other property, as fires can go on burning until it ran out of oxygen or all that could be burned had already been burned. Most of which actually is the latter, thus, those who have had the misfortune of having their properties burned must navigate through all the issues and problems in order to rebuild their properties. It is a legal requirement to take out a fire insurance policy on any property that you plan to purchase, since fires are the most common accidents that could happen to destroy your property. However, making a fire insurance claim is much difficult and complicated than it really is and you need a fire claim adjuster to make sure that you get the most of your insurance claims. What is a Fire Claim Adjuster? A fire claim adjuster is a public adjuster that has been licensed by the state to represent insurance policy holders who are filing insurance claims from their insurance providers. The responsibility of the fire claim adjuster is to ensure that the insurance policy holder gets the amount agreed on by their policy and whatever other benefits it may have in respect of their fire insurance claims. A fire claim adjuster is authorized to represent and negotiate with the insurance providers for the insurance policy holder, and by doing so will work for the benefit of the policy holder and not that of the insurance companies. Thus, they attend to meetings, inspections, negotiations, and prepare documents, reports and claims for the policy holders. They also make follow-ups, call insurance companies if they are taking too long to process the claims and ensure that you get paid as soon as possible so that you can also get to rebuild your home or property the soonest. Why You Need to Hire Your Own Fire Claim Adjuster? It is a reality that making a fire insurance claim and being compensated with the amount on your insurance policy agreement are two very difficult processes and even if you are willing to do this on your own, the truth is hiring your own fire claim adjuster is more cost-effective in the long run. With your own fire claim adjuster, you will be assured that your best interests are being protected and that the fire claim adjuster will make sure that your rights are protected and that you are represented in all meetings and proceedings. Most of the time also, insurance companies will not deal directly with the policy holder, they will have to assign a fire claim adjuster to be your representative, and this is not what you want or need at this time. Insurance companies will choose a fire claim adjuster and introduce him or her to you and will basically function in the same way as regular public adjusters do, however, these fire claim adjusters will not have your best interests at heart, instead they are working for the insurance providers and their only job is to see to it that you get paid with the minimum amount the insurance company wants to give you. Thus, it is better to hire your own fire claim adjuster who will work for your interests even if you had to pay them yourself, rather than accepting the offer of the insurance companies. How Do You Find A Fire Claim Adjuster? Insurance is a thriving business and there is good money to be made in it, thus, there are also a lot of establishments who do provide fire claim adjuster services, there are of course the expensive ones with stellar track records and the cheaper ones with less experience. Who to hire will depend ultimately on you own preferences and whether you want to take a risk on the new players or ensure the success of your claims with the more experienced one. You simply have to weigh it out and find one that will be a good fit for you. Someone you can communicate with, someone you can trust and who is really sincere and committed to working for your interests. You can find a fire claim adjuster in any of the businesses that specialize in this kind of things. But, you need to make sure that that service provider has the track record to prove that they are really good at what they do and they have verified and licensed public adjusters. You also would want someone that really has a physical office or location that you can go to, and schedule an appointment for a consultation, in that way you can actually get to experience how responsive they are to their client’s needs and decide for yourself whether you want to hire them for your fire insurance claim needs. Another way of figuring out which fire claim adjuster to hire is to ask for referrals from people you may know who have gone through the same experience as you did, and was either able to get the most from their insurance policy or not. Even if these people may not point you to the right fire claim adjuster, they can also tell you which ones to avoid. This is why experience and success rate is important, you would want someone who already have had the experience navigating through the complex process of making fire claims, someone who knows the language, has the right skill set and tools and one who can tell when insurance companies are playing hard or lowballing. You Now Have A Fire Claim Adjuster, What To Do Next? After the fire, and you and your family or employees are safe and without any injury, then you can move on to inspecting your property and assessing just how
No matter how carefully you drive or how much attention you pay, the risk of you being involved in a car accident is highly probable due to the increased number of road users. If you have been injured in a car accident, then this guideline should offer the support you need whether you are a passenger, driver, motorcyclist, bicyclist or pedestrian. What Should Be Done At The Scene Of A Car Accident? When involved in car accident you have a legal duty to stop at the scene, as well as your legal duty, it is also beneficial for you to stop to make sure you can assess the situation effectively, making sure no one is injured, what (if any) damage has been caused to the vehicles involved and if any other property has been damaged. Being involved in an accident is not something someone starts their day predicting, therefore, if an unfortunate event happens, it is likely you will be left in a state of shock and could struggle to process what has happened. It is important to try to remain calm and collect all the necessary details you may need, especially if you pursue to make a car accident claim for the loss and suffering you have experienced. Important information to collect at this stage would be: Vehicle Damage Evidence – this can be obtained by taking photographs via your phone, but try not just to gather evidence of your own vehicle, try to obtain pictures of any damage caused to the other parties’ vehicle as well. If the vehicle is heavily damaged, you need to get professional advice from your car insurer. Obtain The Other Driver’s Information – details including name, address, and contact details. If they are not the owner of the vehicle, then be sure to get the owner’s information to Vehicle Information – including registration, model of the vehicle and the colour Insurance Information – including the name of the insurance company and the driver policy number. Again if the driver is not the owner of that particular vehicle, try to obtain their insurance information also Independent Witness Details – this means someone who has not been involved in but has witnessed the accident and can give a clear statement if needed. They also must be unknown to either party involved to ensure they can be classed as independent. While gaining independent witness details, ensure you have gained their full name, contact number and address Photographs That Can Help Explain What Has Happened, e.g. taking photographs of road markings, how the vehicles have positioned themselves after the accident etc. It is important to try and remain calm and keep yourself and any passengers you may have safe, therefore if you feel your safety is at risk or someone has been badly injured then call the emergency services and seek immediate medical attention. If the police were involved, make sure all information given by them is kept safe, most importantly the reference number they provide you Gaining The Medical Attention You Need After An Accident However minor or major your injuries feel due to the accident, it is important you seek the appropriate medical attention to ensure there is no underlying condition caused and to ensure you have received all the treatment you need. Depending on the severity of your injuries will depend on what type of medical attention you seek, if your injuries are severe you may want to call the emergency services to get an ambulance, however, if they seem minor in nature you could attend your GP or a local NHS walk-in centre. A common occurring injury brought on by RTAs (Road Traffic Accidents) is known as whiplash. This type of injury is caused by a sudden forceful movement which is caused by the impact of your vehicle colliding into something. Common tell-tale signs of having whiplash are discomfort and stiffness in your neck area when moving, along with headaches. Who Is Eligible To Make A Claim? All road users have a legal right to make a claim when they have been injured in an accident that isn’t their fault, this includes: Vehicle drivers Passengers – whether you are a passenger on public or private transport Pedestrians Motorcyclists Bicyclists A passenger can start a claim regardless of whether it is the driver of the vehicle they were in who is at fault. If you were in a passenger in your family member’s or friend’s vehicle, in a taxi or on a bus/coach, whether it was your driver who has caused the accident or not you could be eligible to claim. A passenger could also be eligible to make a claim if they have sustained an injury due to careless driving. The driver owes their passengers a duty of care to ensure they do not drive carelessly causing anyone to fall, they should also ensure care is taken when passengers are entering or exiting the bus. Making A Claim For A Car Accident Starting a claim for compensation for your injuries and other losses sustained in an accident can be quick and easy, simply contact specialist solicitors, and they will guide you through the entire process. Often as a passenger, it is confusing to know if you are eligible to claim and who from, especially if you feel the driver of the vehicle you were in may be at fault. This is where your solicitors will be able to help you, letting you know from the first point of contact if you have a claim and whose insurance you would be claiming from. Starting Your Claim Starting a claim is quick and easy, once you have begun speaking with a solicitor you will find out if you have a valid claim and be able to gain tailored advice that will best suit your situation. After gaining the advice, if you wish to make a claim, the setup will require the following details: Your personal details – e.g. Name, Address, Phone Number, DOB, National
First-time drivers may feel that they already know everything that they should do when they are on the road but actually, there are still a lot more that they have to know before they can ride their cars freely. You may not really think about car insurance when you are driving for the first time. You will probably think about where you are going to use your car, how you are going to use your car, and what your friends will think of the car that you have. Car insurance may be the least of your concerns. You should know now that car insurance is going to be important. You can check https://www.cheapautoinsurance.com if you want more details about the car insurance policies that are available for first-time drivers like you. The Most Cost-Effective Way The most cost-effective way that you can get car insurance is when you are added to another person’s policy. It is very possible that someone in your household already has car insurance. When you get added, this means that you will get the right benefits whenever you drive. When you are a first-time driver, you will be considered as a high-risk driver by insurance companies which means that your premium will be higher as compared to those who have been driving for a long time. The only option that is available for you is to make sure that you will be added to the insurance plan of a driver that already owns car insurance. Possible Discounts You May Get There are some potential discounts that the original car insurance owner may have that will lower all of your premiums even further: Bundling the car insurance with other cars of the household Bundling your car insurance with other insurance policies like home insurance, and so much more. Getting additional driving courses You need to prove that you are a good driver if you would take some driving courses that will show that you take driving seriously. Shop Around One of the best things that you can do is to check the different car insurance companies that are available. You can get several quotes from different companies and you should find the one that will provide the lowest rates possible. There are also some people who would like to pay the full amount the moment that they get their chosen policy. This can be very effective too especially when you are trying to save up. You will pay a lower amount initially and you also do not have to worry about subsequent payments until such time when you need to renew your policy again. In addition, every first time driver can also use a lawyer for many reasons. The most common reason is because lawyers have the knowledge and expertise to help individuals who have been involved in car accidents. They understand the laws surrounding car accidents, and they can help their clients to receive the compensation that they deserve. In addition, lawyers can also help first time drivers to avoid costly mistakes. For example, many first time drivers do not know how to negotiate with insurance companies. As a result, they may end up paying more for their insurance than they need to. Lawyers like Dennis Hernandez & Associates can help them to get the best possible rate. Finally, lawyers can also help first time drivers to navigate the legal system. This is especially important if they have been charged with a traffic violation. A lawyer can help them to understand their rights and options, and he or she can ensure that they receive a fair hearing. In short, there are many good reasons why every first time driver needs a lawyer. Good Student Discount Who says that your grades will not have an effect on the things that you have to do in life? The fact that you can get a discount when you have good grades may inspire you to pay more attention to your education more. You need to have a GPA average of 3.0 or higher so that you can get this type of discount. You may be required to provide them with a transcript that will show your recent grades so that you can prove that you have the grades that will make you eligible for this type of discount. Having good grades can make your parents proud and can lessen the amount that you have to pay for car insurance too. Consider the Right Vehicle Let us say that you are looking for the right vehicle that will be given to you by your parents or you will purchase with your hard-earned money. How are you going to pick the one that will work best? When you pick a luxury vehicle, you are going to pay more not only because the cars are more expensive. It will be ideal if you would check the vehicle that will work best for your needs. Since it is your first time to own a car anyway, you do not have to spend a lot of money on a vehicle yet. You can even get an older vehicle first and learn how to drive better with the use of this vehicle. The more that you know, the better that you will feel. Another way to travel would be by bus, you can find out more on how to book your Lubbock bus here. How to Minimize Premiums Further Young drivers can always minimize their premiums if they would make an effort to keep their driving record clean at all times. You can also install a safety device on your car so that you can have even lower premiums. When you commit yourself to drive with a clean driving record, you will have a chance to get lower premiums.
Mother Nature is usually wonderful, beautiful, and stunning, but every once in a while, it can be a cruel and unforgiving parent to us all. We, of course, refer to the natural disasters that can strike anytime, depending on your location and the season. Hurricanes, storms, floods, earthquakes, and fires are all pretty common natural disasters, especially in tropical areas. These things can cause a lot of damage to your home, so if you live in one of these tropical locations, you must always be prepared for all the disasters we mentioned above. Today, we are going to give you some tips on how to prepare your property for different natural disasters. First, make sure you have the right kind of home insurance Before we get into some practical tips on how to protect your home against natural disasters, you should know that in some cases, you simply can’t save your property from nature’s wrath. In these cases, it’s important to have the right kind of building and contents insurance. For example, if you purchase a policy that covers burglary and theft, that won’t help you in case of a natural disaster. Therefore, make sure to get a home insurance policy that will cover the damages caused by disastrous weather. If you live in Australia, which is one of those tropical areas where natural disasters are common, you should know that insurance companies like Youi cover the damage caused by this type of weather. Reinforce your roof, doors, and windows It’s safe to say that these things are natural weak spots of every house, especially during hurricanes and hailstorms. Hail and wind can do a lot of damage to your windows and shattered glass can hurt you and your loved ones. Therefore, make sure to reinforce your roof, doors, and windows by installing hurricane shutters. In most cases, these things will do the job, but if you want to be sure shattered glass won’t hurt you or your family members, you can use duct tape to make an X mark an all of your windows. Also, the curtains can also protect you from debris, so make sure they are drawn during the storm. Put your car in the garage and remove all valuables from your yard When a natural disaster strikes, a lot of people don’t think clearly. All they want to do is get inside, put on their hurricane shutters, and wait out the storm. However, most of them tend to forget their car and their valuables outside in their yard. The safety of you and your loved ones is paramount, of course, but you should also remember to put your car in the garage and remove all the things from your yard. Strong wind, hail, and other debris can cause a lot of damage to your car and your other possessions. These things cost a lot of money and there’s a chance your insurance won’t cover for them if you forget them outside during a storm. Build a safe room We are aware that this might sound like something from a disaster movie, but having a safe room in your home can protect you and your family during all kinds of natural disasters. You have to make sure that the walls and the doors in this room are strong and reinforced. Your safe room should have a few beds and some shelves stacked with canned food and water in case you have to stay there for a while. This room can serve as a utility closet or a storage room at other times when there is no danger from natural disasters. Have emergency supply kits in your home When a natural disaster strikes, it’s not just your home that’s in danger. All of your neighbors and local grocery stores will be damaged too. This means there is a chance that you won’t be able to acquire some food and supplies a few days during and after a disaster. You should always be prepared for a scenario like this. The best thing you can do is to build emergency supply kits and store them in all the rooms in your home. Items you should have in these kits are – canned food, water, first-aid kits, flashlights, a radio, and batteries. Make sure not to use supplies from these emergency kits during a safe period and you will be prepared when the time comes. Admittedly, natural disasters are not that common, but the worst thing about them is that they can strike at any time, usually when you least expect them. They can cause a lot of damage to your home and in some cases, they can even be fatal. This is why it’s always better to be prepared. Just because you’re not in danger today doesn’t mean you won’t be tomorrow. So, make sure to do all the things we talked about in this text and your family will be safe from harm.
When you’ve found the perfect piece of property for your home or real estate investment, the next step is to find the right construction company. It’s essential to select the right company in order to ensure your initial investment is protected and to give you the best possible future outcome for the project. There are lots of different construction companies out there, but they definitely are not all equal. Look For a Construction Company With Relevant Experience First, you should choose a construction company that specializes in the kind of work you need to be done. Construction styles vary greatly between commercial and residential. They also vary greatly between materials used. If you’re looking for a construction company for a commercial steel beam building, you wouldn’t hire a company that’s only done wood residential projects. Similarly, if you have a pole building to construct, you’ll want to hire a construction company with that exact kind of construction experience. Read more here. You can easily narrow down your choices by reviewing the project portfolios of construction companies in your area. Once you find some that do similar work, move on to the following list of seven key features you need to look for when choosing the right construction company for your building project. 1. Longevity In Business In the construction world, companies come and go. The good ones survive and the other ones go out of business due to poor quality. When choosing a construction company for your building project, look for one that has been in business for as many years as you see fit. It bears repeating that the longer a construction company has been around, the more likely it is that they know what they’re doing and they do good work. Chapman’s Construction has a proven track record of excellence, ensuring top-quality results for all your building needs. 2. Financial Stability Another key feature to look for in a construction company is financial stability. Construction companies have quite a few expenses to take care of in order to complete a job. They have to payroll, tax payments, equipment lease payments, travel expenses, and all sorts of miscellaneous costs. This all comes out of the company account – or it should. Some nefarious construction companies that aren’t financially stable may rely on the latest client payment to fund older projects. Companies like these don’t manage their finances well and end up using your money to finish off another customer’s job. Meanwhile, when it comes time to start on your project they come up short until they can find yet another customer. 3. Sound Management The construction company should have a sound management system in place that includes a general contractor, site security personnel, assistant managers, crew supervisors at a bare minimum. Construction companies that try to operate with a skeleton management system often end up disappointing customers because there isn’t sufficient supervision on the job site. 4. Sustainable And Eco-Friendly Work Practices If eco-construction is important to you, then you should seek out a construction company that is LEED-certified or at least tries to use sustainable materials and eco-friendly construction practices. If you’re going for a building that you ultimately want to be LEED-certified, you will be forced to choose a construction team that is also LEED-accredited. If eco-friendly construction isn’t important to you, it’s safe to not worry about this feature. If you don’t, however, you should realize that there may end up being a lot of material and hazardous waste from the project. Disposal of these materials will most likely come out of your pocket. 5. Insured Your building permit from the town may be contingent upon you hiring a construction company with a certain minimum insurance coverage. Liability insurance is an important consideration when hiring anyone to work on your property. Typically, a two million dollar liability policy is standard. Be sure to ask for and retain a copy of the certificate, which should name you or your building project company as the covered party. 6. References Most construction companies will have a website and an online portfolio of completed projects for you to review. However, you should also ask for some references along with contact emails or phone numbers. Contact a handful of past clients to find out how the construction company was to work with. Specific questions to ask include, was the project completed on time, was the budget adhered to, and if there were any issues, did the company satisfactorily take care of them. If the company rep can’t supply at least three references for you to contact, this is a sign that you might want to continue looking elsewhere for a construction company. 7. Good Rapport Most importantly, you should be able to have a good rapport with any construction company you plan to hire for your project. Communication is the foundation of a successful construction project. Without it, there can be misunderstandings, intimidation, and mistakes that cannot be rectified. Be very certain that there is trust and respect between you and the construction company representative. It’s important that you feel that your opinions are being listened to and that you have input as to how you’d like the final project to come out. Finally, pay attention to how the subordinates at the company respond to the company rep. Do they appear confident in their job? Or do they seem intimidated or frightened of the boss? Frightened workers can be afraid to speak up if they see something wrong on the job site, which is not conducive to a safe work environment. Once you’ve found the perfect property, the best construction company for the job will be one that meets all or most of the above features. Don’t be afraid to take your time choosing which one. Before going ahead with any home renovation work, we always recommend getting multiple quotes so you can compare the service and price. You’ll be working with whomever you choose for the duration of the project, which could take many months. You’ll be glad you chose a
The havoc caused by Mother Nature can sometimes cause havoc on our nation. Thankfully, rural insurance providers, Lycetts, are here to provide us with advice on how we can prepare for, and then recover from, a number of problematic disasters. Drought We use a huge amount of water throughout the UK. In fact, Water UK states that over 17 billion litres of water is delivered to the nation’s mains water supply per day. This water will cater for more than 60 million consumers, with 150 litres used by each of us on a daily basis on average. Of course, this water will go into the UK’s mains water supply whether there is rain or not. Therefore, a drought will officially be declared in the country if we experience 15 days of minimal wet weather — under 0.2mm of rain. In the UK, we tend to witness a drought once every five to ten years. How to prepare A top tip to help us prepare for a drought is to regularly make water conservation practices a part of your everyday life. That way, you will be familiar with using less water in the scenario that water limitation measures are brought in across the country. This means that you should look to use any spare water you have on your indoor plants, or on a suitable outdoor area of your workplace instead of just putting it down the drain once you’ve used it. An instant hot water heater should be installed onto your sink too, while dripping faucets should be repaired by replacing the water — for this last point, bear in mind that a single drip per second will result in 2,700 gallons of water being wasted per year! You should also consider planting native and drought-tolerant shrubs, trees, grass and ground covers in different locations on your land. This is because they will adapt to the local climate and not need too much water once established; not to mention often surviving a sustained dry period without watering. Mulch should also be used to retain moisture in the soil, with the added benefit being that mulch controls weeds which compete with other plants for water. How to recover In most cases, your daily routine will sharply adjust back to normal following a drought. Any hosepipe bans which were enforced will be swiftly lifted, for instance, so that you can go back to cleaning the exterior of your business and watering plants as normal. Any restrictions on water use will be eased too, though it’s still best to keep up the water conservation practices advised above as a way of life moving forwards. However, it may take your lawn a longer period of time to recover. If it’s being subjected to a drought for a long period, turf grasses may have turned brown and stopped growing completely. While most of the lawn will often recover in time with renewed rainfall, you should look to carry out renovation and repair work in the autumn for particularly problematic areas. Over-seed areas which are sparsely-grassed — this guide by the RHS will help — and refrain from using lawn weed killers on turf that has been affected by drought throughout the autumn. The post-drought recovery in the UK is also monitored by the Environment Agency. In its Drought response: our framework for England report, the organisation states: “Once a drought recedes, it’s important to continue environmental monitoring to assess recovery of sites and identify any long-term environmental damage. Our area analysis and reporting teams are responsible for establishing and carrying out a drought recovery monitoring programme. Drought monitoring will normally continue until the ecology has recovered to normal conditions.” Flooding Flooding has been a major concern in recent years in the UK. Between November 2015 and January 2016, for instance, the UK experienced the most ever rainfall for that date period. Not too earlier than that, the wettest winter on record for the UK was recorded during the winter of 2013/14. How to prepare Thankfully, we should generally have a lot of time to prepare for floods due to the regular media updates. This page of GOV.UK should also be monitored, as it informs you if your area is either at an immediate risk of flooding, at risk anytime in the next five days or is seen to be a long-term risk area. If there’s a high risk that your area will be flooded, then you should make up an emergency kit. There are different ones for when you’re at a facility, on the move, or in your car, which Red Cross details here. You should also purchase some sand and sandbags in good time — these are likely to be in high demand once a flood strikes. If you have been advised to leave your property, be sure to turn off all mains power so there’s no risk of electrocution from floodwater. Also, shut and lock every window and door to protect your property and also to give an extra barrier from floodwater getting inside. Take up-to-date photographs around the interior of your workplace too, as they may prove very useful in the event you need to make an insurance claim. How to recover Dispose of any food products if you property has been flooded as floodwater is at risk of being contaminated with sewage. Until your water supplies company gives your tap water the all clear, you should only boil tap water or use bottled water. Your water supplies company should be contacted if your tap water’s colour, smell or taste has changed as well. Gas or electrical items should also not be switched on until they have been checked by a qualified technician, as they may have got wet during a flood. You should also contact your insurance company as soon as possible. Make sure to take photographs ahead of starting any cleaning up too — which can be coupled with the photos taken when preparing for a flood as a
DSU insurance is a safety net for project owners, developers and construction companies that protects parties from significant financial loss in circumstances where there have been extensive delays to a project. These delays can come in a variety of forms and can lead to loss of profits and revenue streams that were contingent upon the completion of the project. In these circumstances, everybody involved is affected – from the developers themselves to contractors, suppliers and all the way back to investors. All of these parties lose out if progress is postponed, leading to the procurement of extended contracts to complete the project and additional funds to cover other requirements such as key equipment. In recent years, financial markets have become more cautious in funding large projects due to the uncertainties associated with projects at every stage of the construction process. More so than in the past, delay resulting in financial loss poses more of a threat to the survival of developers. It’s no secret that – sometimes debilitating – schedule and budget overruns are considered the norm for construction projects. Construction work requires reliable delivery of equipment and necessary materials – now, if there is an unexpected event that affects a critical piece of equipment or machinery, then there can be disastrous implications for the developer. Project delays are just the start of the issue, as the damage can extend to further expenditures, excessive loss of profits and revenue, financial penalties and damage to the reputation of the company heading the development. To combat this, DSU coverage helps to build close links between developers and insurers to minimise and manage risk factors to hopefully pave the way for a successful project that reaches completion on time. If a physical damage event does occur and the cover is triggered, the insurer will need detailed and organised scheduling of progress, deliveries, changes in plans or designs and any other vital documentation. The more thorough the evidence, the easier and quicker it is for insurers to assess, pinpoint and attribute the root causes of delay. Delays can cause significant, irreparable damage to developers. Companies that utilise debt financing to rent construction equipment may not be able to cover the payments if their project is not complete on time and revenue streams are put on hold. In public projects, such bridges, airports, and tunnels, the delays can affect multiple businesses in a wide geographic area. The knock-on impact of these delays, as a result, can be devastating. Project monitoring can help to combat any potential pitfalls – regularly reviewing how the project changes and tracking each setback to quantify which part of the process caused damage to the development. For this to be achievable, the insured parties need to provide access every three to six months to progress reports and updates. Cover may also be taken out for the suppliers of vital equipment so that there is adequate protection in the event of an accident at the supplier’s premises, or there is prevention of access to the project site for delivery, which will, again, have knock-on consequences. In taking out DSU cover, project owners benefit by gaining clarity so that they can move forward with their project, as well as receiving reimbursement for the damage event(s). Going forward, plans can be put in place to mitigate further potential losses. TO LEARN MORE ABOUT DSU INSURANCE AND WHY DEVELOPERS NEED IT, CHECK OUT OUR INFOGRAPHIC HERE
