Contract works policies are a special type of property and liability insurance. This type of insurance covers costs, risks and damages to your building, materials and equipment involved during construction of civil, commercial and residential projects.
A contract works policy can cover:
- Material Damage - Loss or damage to the insured construction project from such perils as fire, storm, or malicious damage.
- Construction Liability - Loss or damage to third party property or personal injury to a third party.
Depending on your specific requirements, the two contract works policies that can be taken out are an annual blanket cover for multiple projects or a single contract project.
Contract works insurance is for licensed builders/subcontractors and owner builders for commercial and residential projects. This type of policy is to be taken out prior to commencement of a project.
Speak to a qualified broker today on (03) 9791 6688.