Contract works insurance provides cover against risks associated with civil, commercial and residential construction projects.
These policies are designed to assist Licensed Builders and Contractors to meet their contractual obligations to insure a building project (and materials on site) against loss or damage.
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On a construction site there are a number of scenarios where loss and damage to a building project can occur, including; storms, fires, earthquakes, water damage or malicious damage and theft just to name a few.
A good policy should also provide cover for the costs of demolition, removal of debris and other fees associated with restoring the site to a workable state.
Some policies also include cover for tools of trade utilised on site plus hired plant, machinery and other mobile equipment. If you have a contractual obligation to provide this cover, or are otherwise uninsured for these items, you should ensure your policy can extend to provide this cover.
It should be taken out by Licensed Builders and/or contractors upon commencing a new residential or commercial building project.
To find out if you are contractually obliged to take out this particular cover or any other insurance cover for a project you are commencing, iLink Insurance Brokers provide a free Contract review service to our clients.
Contract Works Insurance, Construction Insurance and Construction All Risks Insurance are commonly used names used for this type of Insurance.
To obtain a quotation or further information please contact our office.