what to do

[deuce22]

Hi.

 

I am living in a caravan on my plot, but have not yet started any works. I own an excavator that is currently uninsured and I have yet to get self build insurance. I'm wondering whether to get a self build insurance that covers plant or a separate plant insurance. I only really want the plant insurance to cover theft.

Any advice appreciated.

 

Thanks.

[MortarThePoint]

I haven't looked at this side of things for a while, but I think most site insurance policies cover hired in plant but have a pretty small allowance for your own tools and therefore plant too. The site insurance policies are also very expensive as they cover some greater risks that probably make it a more expensive way to go.

[MortarThePoint]

Actually, I just checked an old quote and I'm wrong. The plant insurance is owned or hired in. I would still guess it to be an expensive way to go to cover plant only though, but if you expect to get underway quickly it could well make sense.

[nod]

I looked at both and while self build plant insurance covered absolutely everything brought onto the plot 

It was cheaper to insure a couple of items separately 

[deuce22]

I built a house about 10 years ago and didn't have insurance. For what main reason do people get self build insurance?

[Declan52]

7 minutes ago, deuce22 said:

I built a house about 10 years ago and didn't have insurance. For what main reason do people get self build insurance?

If some one gets injured on your site you would lose everything. And I'm not just talking about a tradesman. A thief could clean you out of he got hurt. 

Then you have things like walls, roof getting damaged from wind.

Then obviously theft.

[PeterW]

Most mortgage companies require a valid insurance policy as it’s effectively their money and their asset you are building. 

[newhome]

Surely you would want to insure a property that was nearly built against total loss such as the result of fire? Would be very expensive to start from scratch again without insurance surely? 

[deuce22]

I haven't got a mortgage and I'm planning to do it without one, so there's no problem there. People getting injured could be a problem and also damage to the property via an accident.

I'll call a few companies and check what it includes.

 

Thanks.

[Russell griffiths]

Insuring your digger is down to how you view risk. My excavator is worth around 7k and it’s never been insured on my site, until I started the new build, for a few quid it’s on my policy as a named piece of plant. 

The reason for this is 

1. It cost bugger all. 

2. The risk in my opinion got a lot more severe, lots of different people appearing on site every day, and a big blob of a house springing up attracting lots of attention. 

So the chance of a theft increased in my opinion. 

[Temp]

22 hours ago, deuce22 said:

I built a house about 10 years ago and didn't have insurance. For what main reason do people get self build insurance?

 

Yikes. More than one house (and a few cathedrals) have been burnt down by a careless plumber waving his blow lamp around. There are 11 fires a day on construction sites according to.. 

https://www.firesafe.org.uk/fire-safety-on-small-construction-sites/

 

But most people die on construction sites by falling from height. 

 

Did your BCO know you didn't have insurance? Some won't even come onto your site if they know that.

[Temp]

We had two blokes try and steal a site workers truck in broad daylight while he was in it. He was having his lunch and bent down to pick up something from the passenger foot well. When he sat up again there was a bloke feeling around the front wheel to see if any keys had been left there. Ran off when the door opened followed by his mate lurking in the church yard next door.

 

That would have been covered by his own motor policy but it could easily have been my own kit or stuff we had on hire.

[deuce22]

I haven't started the build yet, Ive just been trying to clear and tidy the site a bit. I'll definitely get insurance.

 

Thanks all.