What is Construction (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 aspect to the business that can allow a transfer of Risks to the insurer and allowing you to get on with the job.
Who should consider it?
Contract works insurance is recommended for small, medium and large commercial, industrial and domestic builders, sub-contractors and owner- builders.
Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
If coming to us as an Owner Builder, always approach this form of Insurance well before the commencement of Works otherwise most market insurers will either deem you as un-insurable (due to pre-existing and unknown risks) or they will request certain updated information (eg; Engineers report on Pre existing structures, your undertaking that no third Party Liability incidents have occurred prior to works commencing) which can come at a great expense that can be avoided through early planning and well before commencement.