Contract Works Insurance in Australia
Builders contract works insurance is sometimes referred to as construction all risks insurance. It is a form of cover which can protect a builder and their contractors from a range of events, both human or environmental. The cover is similar in some ways to public liability insurance but has some major additional benefits.
There are few industries which are as demanding, hazardous or time sensitive as building and construction. Weather can sometimes make build schedules blow out, incurring penalties written into contracts. Committing to your company to build a structure, customers don’t make money until you are finished. Because of that, penalty clauses are common but you still need to pay your trades to complete the project. Get Your Contract Works Insurance Quote Today – Protect Your Project from Unexpected Risks!
What is Covered under Contract Works Insurance?
Massive variable exist within the building and construction trades. SureInsure works with providers of Builders Contract Works Insurance to flex cover to your specific projects. Remember, this insurance covers you for the process of building. If building is complete you need Building Insurance. Arrangements can cover the following and more:
- Construction of buildings and other structures such as bridges, tunnels antennas etc.
- Erection, installation and use of plant machinery and equipment.
- Dry and wet works including water extraction and underwater construction.
- Loss of profit from blown out schedules resulting in delays, penalties and equipment holding costs
- Loss or damage of rented equipment and machinery
- Theft and malicious damage
- Damage to site or equipment through weather, landslides, subsidence, fire and earthquake
- Cover up to 30 days after completion to allow for project manager/owner reports.
- Because construction involves so many human factors, we often bundle insurance packages. Common additions include, Public Liability, marine cargo and transit and professional indemnity.