Insurance is always a hot topic in the basement world because it is eye wateringly expensive.
Rest assured that through our parent company OLBC we have some of the best insurances around.
What to look out for?
Firstly the insurance needs to actually state basement construction and also the depth limits. If the insurance merely states ‘underpinning’ or gives a depth limit of 1.2m then it is not basement construction insurance. The depth limit needs to be 3.5m or more. Bear in mind that insurers will look for a reason to decline paying out and if the depth is greater then it is a simple argument for them to present.
Secondly, if a contractor is giving design advice then there needs to be PI [Professional Indemnity] covers in place. PI cover is hugely expensive which is why almost nobody has basement related PI covers. The fact that an engineer or architect has it is of no use if the contractor is calling the shots. We thought our parent OLBC hold £1m of PI covers.
Rest assured we have the correct covers in place and we are happy to discuss this with your own insurance broker.
