Construction Insurance is one of two policies from the Contractor All Risk packaged together to provide maximum protection.
Contract Works. is an insurance policy designed specifically to protect all the construction materials against loss or damage throughout the construction period. This part of a standard policy covers you for (but not limited to); Fire, Burglary, Malicious Damage, Flood, Storm and Tempest, etc.
Construction sites are inherently dangerous places. This is why construction insurance is an important policy to have if you own, run or manage a construction site. Also known as Constructors All Risk Insurance, construction insurance provides safeguards for you as an employer against your construction workers being injured on site. Construction insurance does not exempt you from maintain a safe workplace. Usually, construction insurance policies only pay out if a strict set of health and safety guidelines are followed.
Construction insurance also covers materials and machinery on the construction site in the event of an accident, fire or theft. Due to the high cost of building materials in the current economic climate, the theft of building materials is getting more commonplace and makes construction insurance an option for anyone wanting to protect against the chance of this occurring.
If you require further information for your Owner Builder needs, please call our office on (02) 8713 1800