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What Is Self-Build Insurance?

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  • Written By: Esther Ejim
  • Edited By: Kaci Lane Hindman
  • Last Modified Date: 03 September 2016
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    2003-2016
    Conjecture Corporation
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Self-build insurance is basically what is seems to suggest, a type of insurance for those who wish to undertake some form of construction project on their own. This type of insurance generally offers protection or coverage for the initiators or the owners of such projects with a view of guarding against most expected and even unexpected occurrences that may serve as some sort of negative during or after the construction project. The self-build insurance specifics are usually determined by the insurance company that is granting the insurance, and while some of the details may differ they usually contain some coverage that is the same across the board. For example, some of the factors covered under the self-build insurance are obligations by the builder that are legally mandated, possibly as a consequence of city ordinances in relation to the type of building project at hand. Other factors might be materials that the builder or person undertaking the construction project might need in order to guarantee that he or she has some peace of mind regarding eventualities from the building project, such as in the case of an arson attack on the building.

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Another consideration under the self-build insurance stems from the fact that the builder would be wise to obtain insurance coverage as a result of any loss that may occur during construction or any dispute between the builder or the owner of the project and anyone contracted to perform a service toward the attainment of the construction goal. The self-build insurance will also provide insurance to the builder in the case of any type of vandalism that might occur during the construction or after the same, leading to the theft or destruction of building materials utilized in the construction process. Assuming there is a time frame within which to finish the project and there are unexpected setbacks stemming from unforeseen changes in the weather, injury or sickness on the part of key workers, the self-build insurance coverage will help alleviate the losses.

Most times, the people undertaking such building projects do so with money or loans that they may have obtained from banks, making it obligatory for them to obtain some form of such an insurance as a part of the conditions for the granting of the loans. Financial institutions that include this proviso do so with a view to avoiding any default by such people in the case something negative happens during the construction process or even after that makes it likely the borrowers will default on the payment of the loan. The person undertaking the project might also be well-served to obtain this sort of insurance in the eventuality that there is some sort of legal dispute, in which case the insurance will provide coverage.

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