Property owners can be held liable for poor or dangerous conditions that could have been prevented on the premises while under construction. When permanent property coverage like homeowners insurance or a commercial business owners policy is not in place, personal and commercial lines clients need protection for their financial well-being from the hazardous exposures that exist at vacant properties. If property owners neglect to prevent accidents from happening, they could be financially responsible for medical expenses associated with injuries individuals – from invited guests to neighbors, vendors and even trespassers — sustain onsite.
US Assure’s premises liability insurance product offers protection for owners from exposures arising out of vacant property ownership during construction, including the cost of events like slip and fall injuries. Residential and commercial owners need this coverage when undergoing new construction or remodeling at an unoccupied property or on land where there is no existing property coverage already in place. The coverage will pay direct damage for medical aid to the injured party that arise out of owner negligence and defend the insured should a lawsuit arise.
Premises liability insurance is a separate, complementary policy to US Assure’s builders risk coverage insured by Zurich, and it does not take the place of the contractor’s commercial general liability policy.
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