Definition : Construction site insurance

Insurance taken out at the occasion of the construction of a building. This insurance type covers the harmful consequences of an event during construction (fire, explosion, theft or water damage), and also all related damage to property claims. The insurance coverage usually begins when the site is opened and normally ends when the work is completed. The date of the end of the work is deemed to be the date on which all the work specified in the plans and specifications has been carried out.