Contract Works Insurance is structured to provide comprehensive coverage and is organised into two key sections.
The first section safeguards your construction work throughout the construction period, offering protection against loss or damage. This encompasses materials, tools, plant, and equipment, ensuring that your valuable assets are secure during the course of the project.
The second section focuses on Legal Liability, addressing public liability concerns arising from construction activities. This coverage extends to injuries or damages caused to third parties during construction work. Additionally, it includes Products Liability (or Completed Operations Liability), offering assurance that even after project completion and handover, any liability for injuries or damages to third parties resulting from your completed work is still covered.
The flexibility of Contract Works Insurance allows for customisation to suit the unique needs of your business. Various arrangements can be made to ensure that your coverage aligns perfectly with the specific risks associated with your construction projects.
Why is Contract Works Insurance important?
Contract Works Insurance is a tailored insurance package crafted for builders and contractors, irrespective of their size. It provides financial support in the event of accidents, damages to the works during construction, injuries, or loss or damage to valuable plant and equipment. This insurance offers a valuable means of transferring significant financial risks to an insurer through a fixed premium, thereby minimizing overall risk. Additionally, many head contractors and principals mandate the presence of this insurance for builders.