What is contract works insurance?
When you’re working on a construction site, plenty of things can go wrong. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss. That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.
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Do I need Contract Works Insurance?
Contract Works Insurance is something that might be beneficial to you whether you are the principle of a construction project, the builder, the contractor, or a tradesperson working on the project.
Who should consider it?
Contract works insurance is recommended for small, medium and large commercial, industrial and domestic builders, sub-contractors and ownerbuilders. Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
What does this Insurance cover?
Contract works insurance can cover the building which is under construction, whether it’s a kit home, straw bale or mud brick home, multistory apartment or commercial buildings. It can also cover the equipment used in construction, as well as public liability risk. During renovations to an existing structure, it can cover damage to the structure which occurs during the construction process. Depending on your policy, contract works insurance can cover you against:
- Property Damage
- Public Liability
- Product Liability (only some insurers)
- Legal expenses/defence costs
- Existing structures (optional cover)
What's not covered
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
- Loss after work has ceased for more than the number of days specified in the policy.
- Consequential loss.
- Cost of rectifying or correcting defective workmanship.
- Work underground or in water unless specifically agreed by the insurer
Call us today to assess Construction Insurance options
If you choose us as your insurance brokers, we'll put our years of experience, in-depth knowledge of the industry, and helpful service to work for you to make sure your home, investment property, or portfolio is well protected in case something unexpected happens. No matter what criteria you give, we will research the market to find the homeowner's insurance policy and personal property coverage that fits your needs.