Construction Insurance and Bonds Simplified
When planning to build, many consumers are confused as to what protection is available to them, what is needed or recommended and what the bonds and insurances are actually protecting you against.
With that in mind, we have gathered a few of the most common protections with brief descriptions:
All Risk Insurance
As a purchaser, you should ensure that your contractor takes out an All-Risk or Builder's-Risk policy in which he names you as one of the beneficiaries. This type of insurance policy is project specific - meaning that the policy is for your building construction only. This policy would be in addition to the contractor's general business insurance and his liability policy. (You can - and should - request proof of these last two policies.) All-Risk insurance fees are based on the project cost, length of construction, contractor's experience etc. The policy normally covers work in place, materials and equipment on site, in transit, even in some cases stored off-site. The cost of this insurance policy is often downloaded to the consumer either directly or in-directly.
Bid Bond
At the time of soliciting bids fro your construction project, you can require bidders to provide a bid bond. This is a form of prequalification for the purchaser. In order to get bonding, contractors are scrutinized very carefully by bonding companies or their insurance brokers. The bid bond ensures that anyone submitting a quotation for your project will in fact sign a contract - even if their bid is quite low. If they do not sign a contract, the bonding company will pay the difference to have the next lowest bidder complete the project. In this case, the contractor who would not sign a contract will not likely ever be able to get another bond.
Performance Bond
When a bid bond or other type of bid deposit used, Performance and Labour & Materials bonds are often required. The performance bonds protect purchasers from contractors not finishing a project. If a contractor backs out of a project fro which he was bonded with a performance bond, the bonding company steps in and provides the necessary funding to complete the original contract. Again, that contractor will not likely get bonding in the future.
Labour & Materials Bond
Labour & Materials bonds are most often used in tandem with the performance bonds. They also protect the purchaser from an unscrupulous contractor. If a contractor does not pay his suppliers or subtrades, a great deal of litigation can follow, including liens against the property placed by law-suits. Should this happen with a labour & materials bond in place, the bonding company takes the burden from the purchaser and works to clear up the problem.
Of course once the construction work is complete, you will want to get your completed building insurance in place and add contents insurance as required.
Questions and Answers
An expert witness as defined by the dictionary is a person who is a specialist in a subject, often technical, who may present his/her expert opinion without having been a witness to any occurrence relating to the lawsuit or criminal case.
One very rewarding way to start a business of your own and earn extra income at home is to become an expert witness. Review your professional experience and education and determine what field or area of work would you consider to know well enough that you would consider yourself to be an expert.
Working on a construction site contains several inherent dangers. Working with big machinery, power tools, and unstable structures create the possibility for serious accidents to occur; however, with proper training and safety precautions, most injuries should be avoidable.
Professional occupational health and safety consultants are essential for all businesses. They provide an independent, formal analysis of organisational needs and are invaluable sources of information and advice for helping self insured organisations meet their statutory obligations and OHS commitments.
Most electric-related accidents and injuries occur as a result of water existing in and around the construction site where electrical equipment and lines are being used and worked on.
Construction involves workers, transport vehicles, heavy equipment, and other necessary materials like cement bags, hollow blocks, steel rods etc.
Subterranean room water resistant has become well-known as property owners have sought to convert difficult basement area into home.
If you have a pool in your home, you will want to make sure that the pool maintenance is kept up to date and maintained regularly. Remember that your pool needs to be kept cleaned and tidy at all times but without, the pool could have problems with it that stops you from being able to enjoy it.
With the countless electronic devices we use everyday, it is more important now more than ever to take precautions by protecting against lightning and other electrical surges. Surge protection has become much more complex in recent years, therefore it has become much more important. Electronics have become very expensive in recent years, and have also become more vulnerable to surges produced by lightning.
Stair lifts and elevators can be installed in both new and existing buildings, and go a long way in adding convenience and aesthetic appeal in homes.
Some people don't have enough time to workout because of bad time administration or they're too tired to do any action because of their field of work. If this is your problem then installing a pool is right for you.
Professional occupational health and safety consultants are essential for all businesses. They provide an independent, formal analysis of organisational needs and are invaluable sources of information and advice for helping self insured organisations meet their statutory obligations and OHS commitments.
One very rewarding way to start a business of your own and earn extra income at home is to become an expert witness. Review your professional experience and education and determine what field or area of work would you consider to know well enough that you would consider yourself to be an expert.
An expert witness as defined by the dictionary is a person who is a specialist in a subject, often technical, who may present his/her expert opinion without having been a witness to any occurrence relating to the lawsuit or criminal case.
The field and industry of construction requires electrical contractors to meet such high standards in electrical installations. The contractors are obliged by builders, developers and architects to provide them with high qualities of electrical systems.
Most electric-related accidents and injuries occur as a result of water existing in and around the construction site where electrical equipment and lines are being used and worked on.
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