Insurance for basement and cellar conversions
If you are unable to expand your house upwards or outwards, you can only go downwards! Whether you are a householder or a contractor, Versatile Insurance can arrange appropriate insurance for you.
For the householder, the first thing you need to do is to contact your existing home insurer to advise them on your plans and advise what when works will start. Typically, your existing insurance will have restrictions imposed upon it, they may require additional premium or even cancel your cover if they feel they no longer wish to insure you. Furthermore, it is very unlikely that they will cover the new works, materials, tools or plant (including hired in plant). At Versatile Insurance we can cover all of this with a range of market leading insurers offering policies for renovation and conversion projects.
Also, you may need your house insurance (and/or the works insurance) to be in joint names with the contractor. We can arrange this, although the premium is higher. If there is a possibility that the works could damage a neighbouring property (the classic example is a party wall), then we would also recommend non-negligence public liability (JCT 21.2.1) insurance.
For the contractor, your first port of call will be your public liability insurer to enquire if they will cover you for this type of work. Obviously, at Versatile Insurance we have no difficulties placing this type of insurance for basement and cellar conversion contractors. Furthermore, you will require contractors all risks insurance to cover the works in progress, materials, tools, plant, temporary buildings (such as site huts), employee effects, your own plant and hired in plant.
Furthermore, when you receive instructions from the architect, you may have some insurance requirements that you may not be familiar with. Example are JCT clauses 5.4, 6.5.1 or 21.2.1. Rest assured that Versatile Insurance are experts in the many types of JCT insurance and can help you with all of this.
Before we arrange a quotation for you, please answer a couple of questions so we can find out what sort of insurance you require.
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