All construction projects are different, but one thing that is the same across the board is that there are risks involved. As with any business, when you have risk, you need to mitigate it. One way to protect yourself and your project against loss is with COC insurance or course of construction insurance.
What Does COC Insurance Protect Against?
COC insurance protects physical property. It can protect your partially completed structure, your materials or other valuable materials that are necessary to finish your project. Anything can happen during a project. Someone could have an accident, machinery could break down or the structure could fail.
What Projects Require COC Insurance?
Most construction projects should utilize COC insurance. Some projects may require you to purchase a policy. New builds in the commercial and residential sect can benefit from COC insurance, as can renovations, custom homes and any improvement projects. Commercial businesses and residential homes are not the only builds that require insurance, however. Municipal contracts, bridges, roads and other builds also require protection.
When it comes to any new construction project, you need adequate protection to ensure that you do not lose money. If something happens before the project is complete, you could have to stop the project indefinitely when you don’t have insurance coverage.