Contract Works Insurance

If you take on multiple construction jobs a year, having an annual contract works insurance will give you the flexibility that you need to ensure that all of your projects are covered all year round. If you are only taking on jobs as a sub-contractor and there is a liability under your contract with the principal for materials and the project to be covered up until practical completion then a single project cover may be more suitable.

The main component of a contract works policy is to cover the material damage done to your project whilst it is being constructed. Construction projects cost quite a lot of money with material and labour costs making up the largest portion of the job. Your material damage cover will protect you against having to outlay these costs over again if some damage was to occur.

If something happened where your job site was damaged and you were already working with a tight deadline, expedited costs are usually covered under both annual contract works insurance and a single project policy to ensure that you do your best to meet the deadlines specified.

Most contract works policies offer an extension of cover to include costs associated with claim preparation costs. This means that if you were to lodge a claim due to a site being damaged, the policy would also typically cover the costs (up to the limit on the policy) to pay for a professional claims management company to manage your insurance claim for you.