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.
Typically, a Contract Works Insurance policy will cover:
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, malicious damage and theft, to name a few.
A good Contract Works Insurance 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 Contract Works Insurance policies also include cover for tools utilised on site plus hired in plant 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.
Contract works insurance should be taken out by Licensed builders and contractors on 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 - Coverforce provide a free Contract review service to our clients, find out more about our Contract Review Service here.
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 on Contract Works Insurance you can contact one of our experienced insurance brokers on 1300 503 503.
Alternatively, click here to complete a Contract Works Insurance quote request online.
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