Contract Works Insurance is incredibly important for business' operating in the construction and building industry.
Why is it so important?
Contract Works Insurance includes broadform liability (Public and Products Liability), however it also includes an additional section known as Material Damage, which is cover for loss or damage to the insured construction project. This covers the cost of materials and labour to re-establish a project to the stage it was at prior to the insured loss.
For example, the following incidences would NOT be covered under a stand-alone broadform liability cover but WOULD be covered under Contract Works Insurance:
o Storm damage causes a slump in the sidewall of the excavation and formwork is needed to reinstate the shape of the pool.
o Prior to the pool being filled heavy rain soaks the surrounding soil and causes the pool to "pop".
o Wind lifts and tears the pipework installed on the roof for solar heating.
Who needs Contract Works Insurance?
Contract Works Insurance should be taken out by Licensed Builders and Contractors prior to commencing a residential or commercial building project.
For more information or to get a comparative quote, contact Sarah Gardiner-Smith, Account Manager on (03) 8586 9363 or email This email address is being protected from spambots. You need JavaScript enabled to view it..