Builders Contract Works Insurance ExplainedTradesure Insurance
If you run, own or manage a construction site, then Builders Contract Works Insurance is vital for protecting your business.
What Is Contract Works Insurance?
Contract works insurance will cover any building work for loss or damage during construction. It generally covers damage caused by theft, malicious damage, wind, storms, floods, cyclones, landslides, fires and earthquakes.
Contract works insurance covers the construction-related activities of a project, all wrapped up in one policy. Covered parties can include the project owner, general contractor, subcontractor, and materials and equipment suppliers.
Policies can include cover for material damage on the site, and can also include Public and Products Liability for third-party property damage or injury. Additional coverage can also be included for plant, equipment and tools.
There are two main types of contract works insurance policies:
- Annual contract works
- One-off contract works (per project)
What Can It Cover?
Contract works insurance can cover:
- Construction of buildings and other structures
- Erection and installation of machinery, plant and equipment
- Dry and wet civil works
- Legal liability
- Advanced loss of profits
- Advanced loss of rental
- Delay in start up, and
- Holding costs and standing charges
Who Needs Contract Work Insurance?
Builders have traditionally been the main occupation that takes out a contract works insurance policy. The requirements of this cover have now spread out to include:
- Trades people who run their own projects
- Owner builders
- Sub-contractors who run their own projects on the side
Contract Work is a complex area of insurance, best left up to the experts.
Since 2006, our team at Tradesure has been developing a specialty in the area of Builder’s Contract Works Insurance. We’ve negotiated keener premiums and are looking at ways to offer additional discounts to your construction insurance policy.
Contact us today for a free no obligation quote where you can ask questions and seek a clearer understanding of how Tradesure’s Construction Insurance may better suit you and your work.