Contract works insurance covers your construction against a number of perils including
fire, storm damage, third party liability and theft and existing dwellings.
Licensed builder and contractors
Covers are available for both residential and commercial builders and are tailored to
suit the projects you undertake.
Contract works insurance covers your contractual requirements to insure loss or damage
to the works including items on site to be included in the works. The goods and materials
comprising the works will have to be replaced at your expense if you go uninsured.
Broad "accidental damage" cover for insured works including fire, theft, water damage,
flood, malicious damage, storm and cyclone subsidence, landslip and earthquake is also
available.
Some policy features
Annual, monthly or individual project basis
Automatic tools cover to $20,000 whilst on site including hired in plant and mobile equipment where it is your responsibility to insure
Automatic cover for maintenance periods up to 12 months
Professional fees, demolition/removal of debris, covered automatically and in addition to the contract price without charge
Automatic cover for contract variations or cost escalations to 15%
Automatic cover for storage off site, and materials in transit - limit $50,000
Speculative homes, display homes, whilst in use, or strata units awaiting registration are automatically covered up to 12 months from commencement of the construction
Automatic cover up to 90 days following practical completion where handover is delayed
Builders profit margin included for insured losses
Materials supplied by owners automatically included at 10% of contract price
Tools and equipment can also be covered off site 24 hours a day 7 days a week.
