Contract Works Insurance
Don’t step onto a site without cover for your contract works
When you’re working on a construction site, plenty of things can go wrong. If you or your team cause damage or loss to a building, it could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss.
That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.
Who should consider it?
Contract works insurance is recommended for small, medium and large commercial, industrial and domestic builders, sub-contractors, and owner-builders.
Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
What can it cover?
Contract works insurance can cover the building which is under construction, whether it’s a kit home, straw bale or mud brick home, or multi story apartment or commercial buildings. It can also cover the equipment used in construction, as well as public liability risk.
Depending on your policy, contract works insurance can cover you against:
- Natural disasters, such as bushfires, fire, earthquakes, flood and water damage, subsidence and landslip, storm, tsunami or wind
- Damage to property caused by defects, theft and malicious damage or vandalism
- Smashed glass
- Public and products liability insurance, plus extra related costs
- Third-party personal injury or property damage, as well as extra costs like replacing builder’s tools, escalation or removal fees
Types of Cover
- Single Project
- Annual Project
Contract Works Insurance is designed to provide insurance cover as required under a construction contract. Contract Works Insurance is required by:
- Licensed builders
- Owner builders
- Property Developers
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for Contract Works Insurance and can be obtained from Palandri Insurances.
You should consider the PDS in deciding whether to acquire, or continue to hold, Contract Works insurance.
Speak to Palandri Insurances
Calculating the amount of cover you’ll need can be complex, so it’s important to seek advice to help you get it right.
Steadfast insurance brokers are part of the largest general insurance broker network in Australasia, with specialists who can help you with your home and contents insurance needs.
Health Insurance Information
Find out how to gain access to great value health cover including a corporate discount.