Having appropriate insurance cover in place is a requirement of all standard construction contracts, and it is a matter that must be addressed prior to commencement of the project.
Contract Works Insurance can be arranged as a one off cover for a specific project or annually to cover multiple projects. Cover can be arranged by the principal or head contractor. Regardless of who arranges cover, the policy automatically extends to include the head contractor, principal, sub-contractors, financiers and other interested parties within the definition of the insured. Contract Works Insurance is divided into two parts : material damage which covers loss or damage to the ‘works’ and liability which covers your liability for injury to others or damage to their property.
Contract Works policies can include cover for:
Construction of residential, commercial or industrial buildings and other structures, and can include cover for:
Natural disaster such as earthquake, flooding, storm
Defective design, workmanship or materials
Erection and installation of machinery, plant and equipment
Dry and wet civil works
Advanced loss of profits
Advanced loss of rental
Delay in startup
Holding costs and standing charges
Speaking with your insurance broker can help you determine what level of cover you require, and whether a single or annual policy will be more appropriate for your business.
Find out what Austbrokers Countrywide can do for your business. For an obligation free insurance review, talk with one of our specialist brokers today to find out more.