Undertaking a conversion project is not something that can be rushed, but ultimately is very rewarding. The essential ingredient of any conversion project is the heart of the property that’s being converted, and this is where conversion insurance focuses. Our staff have a wealth of experience and specialise in conversion insurance. We can cover every conceivable type of conversion project, from barn conversions to the ones you’ve seen on TV, remote lighthouses, follies and derelict structures.
How conversion insurance works
Conversion insurance should cater for both the existing element of the property that’s being converted and all the new conversion works that go into the conversion process. The existing structure could be a commercial building, or it could be a pile of stone that once formed the walls of a long since derelict bothy. All the works, including any temporary works, materials, plant tools and equipment need to be covered by the conversion insurance policy. A semi-derelict barn may require major structural stabilisation works and this will be adequately covered with conversion insurance – as will any second hand materials being incorporated in the conversion project. Public liability and employers liability is automatically included to ensure you have adequate cover.
Conversion insurance needs to be in place from the moment you exchange contracts on the property and should continue to the point the project is completed and taken into full use.
Arranging a conversion insurance policy
The staff here at Protek have many years’ experience in helping people get the right cover in place for their projects. We have designed our conversion insurance product to be inherently flexible, both in terms of the product options as well as cover duration. Cover is comprehensive and competitive.
If you are utilising a contractor to carry out the conversion works, it is often difficult to ascertain who is contractually responsible for insuring the existing structure. Often the contractors insurance will not cover it. Conversion insurance can solve that issue quite simply.
Why you should have conversion insurance?
Its not just serious losses like a fire or flood that you need to be protected against. Claims for theft of materials, plant tools and equipment can become quite expensive if not insured. A mini digger can cost £16,000 or more to replace, but if you have hired it, you will be liable for paying the continual hire charges until it has been replaced. Vandals gaining access to the part completed project will cause a huge amount of damage and destruction, even if they don’t steal anything. The remoteness of a site just adds to the issue. You may have neighbours in close proximity and accidental damage to their property can become an expensive and emotional problem.
Building sites are hazardous places of work. Injury sustained by contractors, friends or visitors to site, whether invited or not are all likely to become your responsibility. Claims for injury are usually very large and can result in prosecution.
Essentially it’s just not worth leaving your project uninsured. Protek’s conversion insurance covers you for all these eventualities.
Never run out of cover
Protek recognises that projects don’t always run to schedule. We have flexible cover periods on offer and the ability to purchase short term policies to effectively extend cover as required.
You can optionally include legal expenses (professional fees insurance) when arranging your site insurance cover. It provides cover for contractual disputes with the contractors, trades and professionals involved with your project. This means that if things aren’t going to plan because you are in dispute, you can gain legal help. Where the prospect of success is good, assistance in seeking resolution will be provide by the legal expenses policy. Its important to bear in mind that you must have contracts evidenced in writing. Advice on arranging contracts is available here.
Don’t forget you will also need to consider a Structural Warranty. This type of policy covers the new works and consequential damage to the property for 10 years against defects in the design, workmanship, materials and components causing major damage. For more information go to our structural warranty page.
Click here to get an idea of conversion insurance cost now.