One of the most interesting truths about the Irish Construction market is that there is no legal requirement for a construction company to hold any form of construction insurance! The only insurance an Irish specialist is legitimately required to have is fundamental motor insurance coverage on his/her motor cars!
There is no legal requirement under Irish law for a contractor to hold adequate Construction Insurance it is very crucial that appropriate cover is in location.
Among the most important reasons is the high injury & mortality rate on Irish Construction websites. One major positive of the recent building and construction boom is the death per thousand ratios has fallen in current years although it is still at an inappropriate level.
In 2001 28% of office casualties were Construction related and the Irish Construction market is consistently 2nd only to the Irish Agriculture & Forestry Industry.
As lots of primary professionals need their subcontractors to hold Construction Insurance the truth is that although Construction Insurance is not a legal requirement it is normally a requirement to obtaining deal with most of the nations building websites so the requirement for building and construction insurance coverage is a necessity in everything however law!
Public Liability Insurance
Employers Liability Insurance
Specialists All Risks
Public Liability Insurance
Public liability insurance coverage [PL] offers cover in case the policyholder is sued by a third party who feels that they have suffered injury or loss as a result of the insurance policy holder’s negligence (absence of care).
Think about the following examples where Public Liability Insurance will offer cover:
One day you are called to an office to arrange out a problem in their kitchen area. Your client then makes a claim against you for the damage to their carpet and computer systems which have been damaged by the water.
You are a building contractor. While strolling along scaffolding among your guys drops a tool which falls to the street, hurting a passing pedestrian. The pedestrian makes a claim against your firm.
Obviously these are very simplified examples and we haven t discussed the intricacies of Products Liability/Liability Law/Duty of Care etc however it must provide a fundamental understanding of Public Liability Insurance
Companies Liability Insurance
Employers Liability Insurance [EL] offers cover if any of your employees suffer physical injury or death, and it is proven that as a company you acted negligently and consequently might have prevented their loss. If they then choose to pursue you for payment the insurance provider will pay the cost of the claim.
Think about the copying where Employers Liability Insurance will provide cover:
You run a woodworking company. One of your employees loses a finger while using a chop saw and chooses to claim versus you for his injury
You are a scaffolding specialist and are putting up scaffolding around a house block. While setting up the scaffolding one of your employees falls and suffers extreme bodily injury. He chooses to claim against your firm.
Please note that Public & Employers Liability is offered hand in hand, that is when organizing construction insurance coverage you will have to organize both Public Liability & Employers Liability Insurance together [Known as Combined Liability Insurance] as Employers Liability Insurance is not offered on a Stand Alone basis.
Contractors All Risks Insurance
Specialists All Risks insurance coverage (likewise called Contract Works insurance coverage) is an insurance plan specially developed for home builders and a variety of other trades working at a contract site. Contractors All Risks insurance can include cover for contract works, own plant, hired-in plant and staff member’s tools. The main part of the professionals all threats insurance coverage is the agreement works section which provides cover for the property being dealt with (e.g. new house, and so on). However, cover for the existing property is omitted (e.g. the existing structure when building an extension) and should continue to be insured under its own insurance coverage cover.
Consider the copying where Contractors All Risks Insurance will offer cover:
You are a structure specialist and are developing a house for resale. You are groundwork’s contractor and are currently digging foundations for new real estate advancement.
Personal Accident Insurance
Think about the copying where Personal Accident Insurance will provide cover:
You’re a self employed carpenter without any staff members. You cut your hand and are unable to work for eight months. As you have Personal Accident cover you get a tax complimentary benefit of 1,500 after one month and continue to receive this amount until you return to work.
Although Personal Accident/Income Protection insurance is no alternative to full-time incomes it will supply you with an income if you are not able to earn and it will minimize your financial fears at a time when your recovery must be your primary priority.