Hi
I work as an insurance broker and specialise in providing cover for both basement contractors and private clients who are having house renovations including basement conversions/digouts. My advice would be to select a project management team who are well versed in basement works. Depends whether you are having a conversion of an existing underground space (i.e. a cellar) or you are digging out a fresh area under the property. For obvious reasons the second of these options is much riskier and you will need an experienced project manager/lead contractor to engage all the structural/waterproofing professionals you will require. I can recommend a number of clients I work with who are full insured and have the right approach to risk management.
From an insurance point of view the main considerations are:
- Contacting your household insures to advise them of the work. Unless they are specialist in this area they will most likely advise cancelation of the policy upon starting the works or at the very least restrictions which will make the cover redundant.
- Party Wall agreements are what often hold the process up, once planning permission ahs been given. If you live in a terraced property with shared walls then you will need cooperation from your neighbours. They may want you to have Non Negligence insurance in place if there are ground works/structural works involved in the contract.
I have a product which can provide cover for your buildings whilst being worked upon, contingent contract cover and non Negligence cover up to £2m. I have worked with dozens of clients in the last year around the Wandsworth/Clapham/Balham area and understand the help you need when having these kinds of work done.
If you want to discuss this further then my email is
dominicjones@astonscott.com and landline is 02086437575.
Thanks
Dom