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Is self build insurance worth it

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  • 11-02-2006 12:31am
    #1
    AJL
    Registered Users Posts: 124 ✭✭


    Hi,

    Looking for advice on self build insurance. Build of 3900 sq ft costing 3500 euro for 1 yr with FBD. Is it really worth it?
    They wont cover any theft so paying all this money for contractor and public liability. All contractors should have there own insurance. So paying for public liability. Any body get cheaper or just get public liability?


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    #2
    danxtremeclean
    Closed Accounts Posts: 25 ✭danxtremeclean


    Hi AJ

    From my own experience, if your getting a mortgage to build the mortgage company will look for self build insurance and it is the site owner who is responsible for the site & pub liability not the contractor (they are only covered if you or another damage themselves on their equipment). E.g. some local nosie neighbour takes a walk around your site and trips on something or falls off the scaffolding its you they'd be looking to sue and no one else.......

    Dan


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    #3
    Rusty Knight
    Closed Accounts Posts: 42 ✭Rusty Knight


    If you intend to have your house built by a building contractor, then you will have (or should have) a business contract drawn up to reflect this arrangement. In legal terms you are the client, and he is the PSCS, or Project Supervisor Construction Stage. Ensure that he is named as such in your contract.
    This title places a number of key health and safety responsilibilites on his shoulders; àmongst them the control and supervison of subcontractors. He is now legally obliged to vet contractors for insurance, safety documentation and training qualifications.
    Check that his insurance is adequate, i.e. X million Public Liability and X million Employers Liability.
    In the event of someone getting hurt on your house site, the injuried party will probably sue him AND you, but the court will most likely never look further than him.
    In the eyes of the law, you have done all that is 'reasonablly practiciable' to avoid a potential accident/dangerous condition;
    You have appointed an experienced and competant person to act as PSCS and manage your site
    You have established clear responsibilities (The contract)
    You have checked that adequate insurance cover is in place in the event of an accident.
    The HSA website 'hsa.ie' has further info on recommendations for 'clients' in the construction industry.

    If on the other hand, you intend to build the house by direct labour, you might consider the following advice............

    DON'T!!!!!!! Unless you are Chuck Norris, in which case everyone will be too afraid to turn up late, not turn up at all, rush the work, f**k up the work and blame someone else, find a million ways to need more money and materials than advised.......mutter.....mutter.....

    However, if you do go this road, do not leave one person onto your site until you take out that insurance with FBD, which I think is quite a good price.
    I paid the about the same about 4 years ago - nobody as much as cut their finger, but I slept fairly well most nights during the whole circus!

    Rusty


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    #4
    Wobs
    Registered Users Posts: 247 ✭✭Wobs


    Hi AJL,

    There are much better insurance packages than the one you are being offered. Hibernian and another crowd (can,t remeber their name) do very similar products, 2 years cover which will cover you for everything and I would reckon Less than 3500k. We got ours through Hibernian for 2500k as far as I can remeber. Check out the sticky list at the top for more info and there was another thread on here recently about insurance.


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    #5
    rooferPete
    Registered Users Posts: 1,497 ✭✭✭rooferPete


    Hi AJL,

    The best value for One Euro per Foot (or nearest offer) that you will ever get in the building of your home on a self build basis.

    A payment of 15,000.00 to an injured party cost one Gent I know over 60,000.00 by the time the vultures were finished with him including his own side and that was for an out of court settlement largely un-contested.

    Without insurance you are leaving yourself open to paying the mortgage after handing over title to another person if there is any injuries or claims.

    Rusty has given very good advice, to expand a little I would suggest that you ask your own Insurance Agent or Solicitor to send what is a standard request to the Contractors Insurance Company for confirmation of his cover.

    There should be no problem with this as it's fairly standard communication between Professionals, remember a scanner and Photoshop can work wonders with a computer and a piece of paper ;)

    .


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