Contract works insurance helps ensure your business and workers are protected on construction sites. It provides important cover for commercial, industrial and domestic builders, sub-contractors, and owner-builders against damage, natural disasters, injury, theft and product or public liability.
It’s designed to cover work that’s already underway. It can pay to repair or redo the work if it gets damaged by an insured event like fire, flood, storm, vandalism or theft.
Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
We offer insurance for construction, engineering, civils and development.
Construction and engineering insurance follows the same principles as standard insurance policies, with terms and conditions such as “average”, time notification, etc. being applicable.
Contract works and liability: All risks and liability cover for the erection of anything from private houses to roads, bridges and dams. This covers loss and damage to construction plant and equipment. It can be extended to cover hiring costs and charges.
Machinery breakdown: This covers sudden and unforeseen loss or damage to machinery and plant arising from mechanical/electrical breakdown. The policy can be extended to cover loss of profits resulting from such loss.
Dismantling, transit and erection: This is a contingency policy covering loss or damage during the operations insured against. The policy can also be extended to cover testing for new machines.
As with any insurance there are limits and exclusions that apply. There may also be a deductible, excess or limits on this type of cover so check with your Compendium Insurance broker.
