Joint Names Insurance Meaning
Joint names insurance is often a requirement for building contracts where renovations and extensions are being carried out to domestic properties.
Joint names insurance meaning. Works in progress insurance. Insurance will generally be in the form of a joint names policy in the names of the contractor and the client. Architects in particular tend to work with off the shelf jct joint contracts tribunal as these provide a good template to deal with all aspects of the operation of the. Regardless of whether the policy is taken out by the employer or contractor both are named as insured.
If you are carrying out a building project on your home and you are asked to obtain a joint names insurance policy. The home insurance can be just under one name if you like the only drawback is only you will be able to deal with the home insurance e g. This gives both parties their own rights to claim against the insurer. In short the answer is simple.
Renew make a claim etc. Other parties such as funders may also be added as a joint name. A joint names policy is type of insurance often required by construction contracts the policy is typically held jointly by the employer and the contractor although other parties such as funders may also wish to be included the key feature of this type of policy is that the insured parties are unable to claim against one another in respect of an insured loss as they are considered. The advice to those entering into contracts which require joint names insurance is to decide upfront what the impact of that insurance is.
Contractors all risk cover. An important feature of joint names insurance is that one insured cannot claim against a co insured in respect of an insured loss. For the purposes of insurance co insured are. One of the most common questions that jct insurance expert is asked about relates to joint names insurance.
Joint names construction all risks insurance is commonplace. Not only can we arrange this insurance but we can tie in non negligence cover also known as jct 21 2 1 and jct 6 5 1 as well. Most of the standard forms require insurance for new buildings to be effected by a joint names policy taken out in the names of both the employer and the contractor. If you have a jct or riba contract in place for your project there is a good chance that you need to arrange a joint names insurance policy on an all risks basis.
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