Contract Works Insurance
What is it?
A Contract Works policy will cover physical loss or damage to construction works from the commencement of the construction contract until practical completion is achieved.
The policy will typically provide cover for risks Australia-wide including offsite storage and inland transit risks. The policy will also extend to include some cover during the defects liability period stipulated in the contract.
Why?
To protect the asset from loss or damage whilst under construction.
Who needs it?
Any party who is carrying risk either contractually or otherwise relating to works under contract. This will typically include principals/owners, financiers, contractors and subcontractors of every tier.
It may also include consultants, manufacturers and suppliers in regard to their on-site activities.
What are some examples?
Example 1
A fire may occur during the construction period and cause extensive damage to the works. The policy will meet the costs associated with the clearing of the site and rebuilding the works to the position immediately prior to the fire. This will allow the remainder of the work to be completed.
Example 2
The works may be damaged due to a severe storm. The policy will meet the costs to clear the site and carry out repairs to return the works to the position immediately prior to the loss.
How can I purchase this?
Every client is different, that’s why our insurance service is custom designed for your needs. Click on ‘Contact us’ and you can book a meeting with Cruden Read to determine the most effective and appropriate solution.