If you’re a principal, builder or contractor working on a construction project, contract works insurance policy is ideal to keep you protected at all times. This insurance policy provides cover for specific construction projects or multiple projects occurring at the same time, covering the interests of all parties involved in the development. The policy usually covers accidental theft and damage of contract works during construction as well as third-party liabilities and compensation.
Learn how EWIB can help you
At East West Insurance Brokers, we aim to ensure you are protected every step of the way while minimising exposed risks.
Contract works insurance is designed to protect your assets and liabilities while on the job. Our brokers are able to tailor and arrange the appropriate cover in providing your business with high-level protection against risks during the course of the construction period.
There are two main types of contract works insurance policies available. These are:
- Annual Contract Works
- One-Off Contract Works
Each policy can include sub-limits for:
- Employees Tools
- Principal Supplied Materials
- Mobile Machinery & Equipment
- Materials Stored Onsite/Offsite
- Transit Cover
Benefits in this policy may include:
- Construction of Buildings and Other Structures
- Erection & Installation of Machinery, Plant & Equipment
- Dry & Wet Civil Works
- Legal Liability
- Advanced Loss of Profits
- Advanced Loss of Rental
- Delay in Start-up
- Holding Costs & Standing Charges
The contract works insurance policy can also include public liability insurance. Traditionally, the public liability cover in a contract works policy is broader and can include:
- Sub-Contactor Liability
- Public & Products Liability
- Cross Liability
- Waiver of Subrogation
To learn more about other insurance products we can assist you with, please click here to view more.
Why Is Contract Works Insurance Important?
Contract works insurance is extremely important to ensure that you are covered for the work you’re undertaking while on a building site and it’s generally a requirement for any building contractor. A contract works insurance policy is able to compensate for the cost of repairs and work that becomes damaged and/or destroyed. East West Insurance Brokers can tailor an insurance policy which can include the cost of labour, materials and tools to get the work back to the stage it was before it was damaged.
For example, if you have almost completed a house extension when there’s a fire on site and the extension is partially destroyed, your contract works insurance policy will cover the cost of repairs. Subsequently, the contract works insurance policy will help to cover the costs of repairing your roof if it were to become detached due to heavy rain and strong winds.
Our brokers are here to provide help and support to you in the event of an unexpected situation.We know that having that extra layer of protection for your business will ensure your peace of mind.
How Confident Are You that Your Insurance Risks are Adequately Covered?
East West Insurance Brokers aim to arrange the most appropriate cover for you by providing tailored solutions to suit your business needs. We will also support and assist you, in the event of a claim.
Speak to us to ensure your business is protected with appropriate contract works insurance today.
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.