The Risks of Vacant Property Overview
Risks of Vacant Property: Theft, trespassing, fires and other losses are constant threats on vacant construction sites and/or vacant property. Losses might include not only the value of damaged or stolen materials like wiring, building supplies, etc. but also the liability from an individual being injured on the property and the loss of time if a crucial piece of equipment is damaged or stolen.
Vacant structures and/or vacant construction sites are first and foremost an obvious target for theft, trespassing and vandalism. Keep in mind that contractors and/or owners can be held liable for injuries sustained by children or adults who trespass or play on vacant construction sites. Moreover, vacant construction sites are susceptible to fire as they are often left unattended and don’t have operational fire alarms and/or fire suppression systems in place. Also, firefighters on construction sites are twice as likely to be struck by debris or objects than firefighters in finished home fires. The insurance risks and liabilities associated with vacant construction sites and/or vacant property can also be extensive.
Vacant Property Insurance & Other Risk Solutions
To ensure that you are adequately protected, it is important to know the risks you face and work with a knowledgeable and experienced insurance broker like the Advocates at ALIGNED. In addition to purchasing vacant property insurance coverage for the property and liability risks, there are numerous preventive strategies you can adopt to maintain vacant properties in a way that reduces risk and liability.
For A Risks of Vacant Property Overview And/Or More Information On Vacant Property Insurance Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsurance.com
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