Contract Works Insurance

Build your business on strong foundations

Cover Built for the Way You Work

If you own, run or manage a construction site Contract Works Insurance (also known as Construction Works) is a vital tool for protecting your business.

COVER FOR

Material damage

Plant, equipment & tools

Third-party property damage

Third-party bodily injury

What is Contract Works Insurance?

Cover Types: One-off projects, Annual turnover and Owner Builder

Covered Parties: Contractors, Sub-contractors, Principals and Financiers

Contract Works Insurance covers the construction-related activities of a construction project all packaged into one policy. It can be taken out to cover a specific project or annually to cover several projects.

Policies can include cover for Material Damage occurring on the job site or can also include Public and Products Liability for third-party property damage or third-party bodily injury arising out of negligence. There is optional coverage for plant, equipment and tools if required.

Contract Works Insurance also features coverage for the following items which can be additional contractual requirements under a construction contract such as:

professional fees
debris removal
defects liability period
principal supplied materials
inland transit
off-site storage
escalation/variations cost
search and locate costs

Coverage under Contract Works policies can vary considerably from one insurer to another. While no policy will cover defects, your policy should provide cover for any resultant damage caused by errors in design, plan, specification, materials or workmanship.

Display Homes

Your Contract Works Insurance does not automatically cover your Display Homes. It is possible to extend your existing policy to cover your display homes and their contents against theft, damage or liability.

KEY BENEFITS

Cover against unexpected material damage or loss on site

Broad third-party liability cover includes cover for resultant damage from defects

Optional Australia-wide tools cover includes new for old replacement for up to 2 years

Cover for materials in storage or transit

Why do you need our broader coverage?

Here is an example:

Post construction and defects liability period, a homeowner contacts the builder to advise of water damage being visible, with water marks appearing on ceiling plaster, below an upstairs bathroom. Through a waterproofing failure, an entire shower area, subfloor, plastering, painting and insulation had to be replaced costing the builder over $40k.

Many contract works & liability policies completely exclude the cost of repairing future damage caused by defects in construction.

Coverage is available, which excludes the cost of the defect (i.e. the waterproofing) but covers the damage which has occurred as a result of the defect.