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Realty Insurances Specialist insurance for property developers with developer controlled insurance programmes.
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Property Developers

Dedicated Specialists

The challenges and demands of property development require a broker who is completely conversant with your activities, contracts and insurance requirements. Your contract conditions are the most important indicator of your required level of insurance cover and whose responsibility it is to arrange. Our Property Developers Team place a high importance on understanding these conditions and on only using leading insurers with specialist knowledge of the construction industry.

Realty has an extensive track record of successfully designing, placing and administering insurance programmes for complex development projects, both big and small. Our bespoke, developer controlled, umbrella policy for a recent 42 acre inner city regeneration project in the heart of Liverpool, for example, involved a contract value of over £700m and was supported by a panel of market leading construction underwriters. For smaller projects, we have our own delegated underwriting authority through which we can provide cover at short notice.

As developer, we strongly recommend that you insure the construction phase of your development rather than leave it to the contractor. If you are undertaking any medium to large sized project we therefore suggest that you choose the relevant Joint Contracts Tribunal clause that makes the employer responsible for the insurance.

Our developer controlled package policy encompasses multiple benefits:

In addition to covering construction ‘all risks’, third party liability and retained structures, it can also protect your exposure to delays in completion (i.e. loss of income / rent) and non-negligence issues that arise from excavation works, piling, demolition and underpinning (JCT Clause 6.5.1 – previously 21.2.1)
It allows you to establish the probable insurance cost of a project at an early stage of its evaluation
It gives you the ability to dictate the basis of cover, limits and excesses, and to ensure that adequate insurance is maintained throughout the period of the contract
It means that the terms quoted will reflect your own loss history rather than that of the contractor
It gives you direct control over the use of claims payments for the repair of damage
It allows you freedom to choose a financially strong insurer with a dedicated claims team who are experts in handling the complex issues associated with construction
It enables you to use one insurer who will therefore have a real incentive to deal with the reinstatement of damage as quickly as possible in order to mitigate the loss of rent claim

For more comprehensive advice on protecting your construction project, please read our report on Developer Controlled Insurance Programmes.

Lucy Hackett
020 7941 8222
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Realty Insurances Limited is an independent intermediary, authorised and regulated by the Financial Conduct Authority (FCA).
You can check these details on the Financial Services Register by visiting the FCA's Website or by
contacting the FCA on 0800 111 6768. Our FCA register number is 307515.

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