When There's No Equipment, Raw Materials, and Workers, What's Left to Insure?
Although the construction project hasn't yet begun, it's still important that you have land holding insurance.
On the surface, the question arises: for what purpose? After all, there's no equipment and raw materials, no contractors and workers on site—so what's left to insure? Your liability toward third parties as the landowner or holder of the land in preparation for future construction. Why? There's no shortage of examples: fire that caught in the dry weeds on your plot and spread to nearby buildings, someone dumped an old refrigerator on the empty lot and a child, while playing, got locked inside—and that's just the tip of the iceberg.
Your land? Your responsibility!
Now the question is how do you insure yourself against maximum risks at minimum cost? Well, you've come to the right place.
Land tenure insurance
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Land Holding Insurance
Have you received land or purchased a building plot? It's important not to remain without insurance during the waiting period before construction begins at a later date. Only land holding insurance will cover you against the wide range of risks to which you are exposed.
What can happen?
Land or plots create various risks such as injury to unexpected visitors (children or curious passersby), fires that break out on the premises and spread beyond its boundaries, and more. Such risks, if they occur, can constitute grounds for filing a tort claim against the property owner. A claim that could climb to enormous sums. If, for example, it involves a tragic accident and severe bodily injuries, even death, we're talking about millions of shekels.
Israeli case law establishes the property owner's liability in tort toward visitors to their property (both expected and unexpected visitors alike). As stated, "The owner and the visitor are not strangers to each other. Ownership of real estate creates a connection between the owner and the risks created on the property during the period the property was under their control; ownership of real estate sometimes creates the possibility to prevent risks even after control has ended. Hence the justification for imposing a conceptual duty of care in the relationship between an owner and a visitor to the property" (CA 145/80, emphasis added).
Change in the Ministry of Housing's Policy In recent years, the Ministry of Construction and Housing has relaxed the requirements in land tenders for construction. If in the past the requirement was for full contractor works insurance already at stage 05, despite the fact that construction might be planned to begin months or even years later, today "only" third-party liability insurance is required. That is: land holding insurance, which is essentially classic third-party liability insurance.
Itzhak Simon - The Leading Insurance Agency in Construction Insurance
Itzhak Simon - an insurance agency considered to be the leading agency in the construction industry, because behind us is a track record of over 30 years of specialization in construction industry insurance and countless hours of physical presence at construction sites and insurance support for a wide range of projects. This track record also includes thousands of contractor works insurance policies, construction company insurance, contractor insurance, developer insurance, income-producing real estate and holdings insurance that we've built. We've already seen almost everything, including insurance events that no one would dream could happen. Yes, experience has taught us about the dangers, malfunctions, accidents, their causes, and ways to prevent them. We've also learned to perform comprehensive risk analysis and meticulous policy planning, and ultimately, how to build you a land holding insurance policy with minimum cost and maximum coverage.
✔ Maximum insurance coverage. Especially here, a central factor is the "unexpected." There's no one on the plot who can prevent or warn of an event, there's no security, so anything can happen and you'll only find out after the event occurs. Moreover, no two land holding insurance policies are alike: what's in the vicinity (houses? more land?), the composition of the population (children... schools), the level of the population (privileged or criminal environment) and a variety of other influencing factors. Hence the importance of rich experience, which has taught us how to include a professional insurance specification with more extensions, and still, under much more convenient terms.
✔ Price is important. As the leading insurance agency in the construction industry, we buy insurance products in large volumes. And as in any field – those who buy more get a better price. Here too, our standing with insurance companies allows us to get much more attractive prices, and consequently, sell you a lot of insurance at a particularly worthwhile price.
✔ Walking alongside you. One of the reasons why construction companies, contractors, and developers prefer to insure with us is our insistence on availability and close professional guidance. And no less important, when a serious insurance event occurs – we are with you, backed by a team of insurance assessors, surveyors, engineers whose sole purpose is to exhaust your rights under the policy and, if necessary, we also conduct accident investigations by experts experienced in the field who assist you in your dealings with the various authorities.
What Do We Offer Our Regular Customers?
First and foremost – peace of mind. If you own or hold land or a plot, our insurance agency offers you an extension of land holding insurance against third-party claims for injuries and/or damages caused on or because of the property.
Shortly before breaking ground and purchasing full contractor works insurance for the project prior to the commencement of work, the cost of purchasing the land holding insurance for the first six months will be deducted from the premium payable for the contractor works insurance.
What is the right way to own land?
Land holding insurance is an important component in real estate ownership, but of course, it's highly advisable to take various steps to prevent problems before they occur. For example:
Fencing - Plots or land should be fenced using an effective fence that prevents unnecessary intrusion or entry of curious individuals. When installing the fence, ensure insurance coverage for both the fence construction work and the fence itself.
Warning Signs - It's advisable to properly post signs on the land and warn trespassers/curious individuals against entering the premises.
Site Maintenance - It's very important to treat the land for potential hazards such as covering holes, removing and/or marking hazards, weeding dry vegetation and weeds that might ignite, regularly removing scrap and waste, and so on.
Property damage insurance for income-producing real estate and holdings
Property damage insurance, and its professional name , extended fire insurance, is actually one policy from a set of income-producing real estate and holdings insurance policies. We will focus on the word "extended" because this is where our exclusive advantages come into play, and thanks to them, we will obtain for you the broadest insurance coverage at the lowest cost. We achieve this result with the help of many tools, primarily: preliminary risk analysis and careful planning, and of course, decades of experience and senior status in insurance companies....
Third party insurance that saves you a lot of headaches
An asymmetrical staircase, a lack of maintenance, a fire that broke out in your property into a neighboring property, a water pipe that bursts and floods the floors below... and countless other cases are enough to expose you to a lawsuit and a heavy payment for the damages. Minimizing these 'insurance risks' to a minimum is done through in-depth risk analysis and smart and careful policy planning that takes into account all of your assets and possessions, and works to achieve broad coverage for all activities on all properties. These, and many other advantages, result in achieving maximum insurance coverage at a minimum price.
Construction evacuation insurance - and maintenance of the land after evacuation
Construction evacuation insurance requires specialization in construction industry insurance, performing risk analysis and going down to deep resolutions in everything related to the project execution processes. In addition to the risks of the contracting work, there is another element that deters insurance companies, and that is – the population that must be evacuated, which in some cases is a weak and even problematic human landscape (see the construction evacuation project of the Argazim neighborhood in Lod, which was characterized by crime, drugs and serious delinquency). There is no doubt that here you need an insurance agency whose specialization is...
