Joint Names Insurance Explained

It offers a safety net for all parties protecting potential. A trap for the unwary womble bond dickinson uk llp united kingdom july 15 2015 insurance is a good idea. A joint names policy defined in the contract is a policy of insurance that includes both the employer and contractor as a composite insured which means that the insurers have no right of recourse against any person named or recognised as insured.

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Joint names insurance explained. Regardless of whether the policy is taken out by the employer or contractor both are named as insured. Joint names insurance policies are usually required when a home owner is extending or renovating their house and the builder wishes their name to be added to the home insurance policy. Joint names policies are also common on building contracts involving renovations and extensions where it is normally taken out by the property owner employer and building contractor. If you are a builder and wish to add the householder or bank or mortgage as joint name to your contractors all risks policy please read further below.

Jct contracts and jct insurance otherwise known as 6 5 1 insurance now covers a suite of contracts used by the building industry to help deliver your construction project. The jct contracts are standard forms that are written in joint names laying out the responsibilities for both parties the contractor and the employer within the process of the build and their obligations towards each other. This refers to the availability of insurance cover on existing structures required to be insured by the employer. Most standard building insurers will only put a policy in the name of the homeowner.

If you are carrying out a building project on your home and you are asked to obtain a joint names insurance policy then you will need to arrange special cover. Joint names contractor s all risks insurance is particularly common sometimes referred to as contract works insurance and covers all risks normally associated with a construction project. This is an important protection. Joint names insurance is often a requirement for building contracts where renovations and extensions are being carried out to domestic properties.

Some subcontractors may also be. The move to joint names insurance from the sole responsibility basis of the earlier editions has been a catalyst for more litigation but in the meantime other difficulties became apparent having first been raised in the 2005 edition but now dealt with more positively in jct 2016. 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 works and the relationship between the builder. A joint names policy is normally taken out by the property owner and the builder.

Where the work being undertaken is of a more substantial nature the property owner is likely to employ a professional team to oversee the project. Joint names construction all risks insurance is commonplace.