If you are an owner or developer who is running a construction project, you have a lot on your plate. There are many things that you are responsible for coordinating and overseeing and your top priority is to keep everything running smoothly. Unfortunately, things can and do often go wrong. This is where a COC insurance policy comes in to help.
What is COC Insurance?
COC insurance, otherwise known as course of construction insurance is a type of insurance coverage that protects owners and contractors working on a construction project from a variety of different financial risks. It provides coverage in case of many different accidents/incidents that range from natural disasters to crimes like theft and vandalism.
What is Covered By COC Insurance?
Course of construction insurance provides comprehensive coverage that applies to all of your project property. This includes the materials and supplies that are necessary to complete the project. There are many different risks that are covered by course of construction insurance. Some of these risks are:
- Impact from vehicles
- Impact from aircraft
- High-speed winds
What is Not Covered By COC Insurance?
While COC insurance provides coverage for many things, there are some exceptions. Some of these are:
- Mechanical breakdown due to negligent operation
- Losses from faulty designs, materials, or workmanship
- Typical wear and tear
Running a construction project is a very difficult endeavor. Make things easier on yourself by investing in a good COC insurance policy.