Why Your Construction Project Needs a Course of Construction (COC) Policy
A COC policy is a vital form of insurance that will protect you in the event of loss or damage while a project is being completed. During the most critical times in a construction project’s development, you need to be safeguarded against the unexpected.
You’re Vulnerable to Damage, Loss, and Theft While Projects Are Still Underway
Active job sites are in a constant state of change. Their physical conditions can change dramatically from one day to the next, and they often have rotating personnel. During periods of transition, its important to be vigilant about risk management and maintaining insurance coverage levels that address all associated risks.
You Take On the Risk for Other Companies Work
Before some project phases can pass building inspections, certain equipment and machinery will need to be tested to ensure that they’re working properly. Contractors face significant risk and liability exposure when they’re testing new equipment that they weren’t responsible for manufacturing or installing. Source: https://www.sboneinsurance.com.
You Can Face Serious Financial Penalties for Delays
Almost every type of accident that sets back a project’s timeline can have a heavy economic impact on a GC. Most construction contracts including all standard AIA agreements provide for liquidated damages in the event that a project runs past the specified completion date. COC policies can include provisions that cover these types of damages.