Contract works insurance? The essential cover for residential and commercial builders
Otherwise known as construction works insurance, is designed to protect a head builder or principle from unexpected losses arising from single or multiple construction projects.
• Access to over 100 local and international insurance markets
• Members of industry bodies such as ASX listed Steadfast and NIBA
• Award winning licensee
• Competitive contract works insurance pricing and cover
• Monthly instalments available
Construction works insurance and general liability is often a requirement under building contracts. Many creditors and financial institutions with interests in construction projects require a builder to hold contract works insurance. This is to protect their interests against unexpected loss on the building site.
Although it is often contractually required, this type of insurance is a good risk management tool to protect cash flow should an unfortunate incident arise.
What’s included in the cover?
Section one – Material Damage
Covers loss, destruction of or damage to contract works and all materials related to a construction or maintenance contract whilst in transit or on or adjacent to “the insured site”.
Section two – General Liability
Covers legal liabilities for injury to any person(s) and/or damage to any property of third parties arising out of the construction/maintenance works.
Builders may consider variations in excess and general liability limits to cater to their construction contractual requirements or partially self-insure to minimize insurance costs eg – higher excess costs may reduce the overall cost of insurance.
FAQs
How does a builder obtain a construction works insurance quote?
Insuregroup is a privately owned Australian insurance business with access to over 100 national and international insurance markets, we have the expertise to negotiate contract works insurance on behalf of construction companies.
Is Insuregroup affiliated with any industry bodies, construction companies or insurance companies?
We don’t have any affiliations or preferential relationships with industry bodies or insurance companies and this allows us to provide better outcomes for our construction industry customers.
What’s involved in the process to obtain a construction works insurance policy?
Simply contact Insuregroup either online or construction builders can call us on 0428089171. Once we collate your information, we will negotiate with insurance markets and provide a quote on your email within our service timeframes of generally 24-48 hours. Depending upon the complexity of your construction business we may require additional information and negotiations with insurance markets can take longer.
Are monthly instalments available for construction works insurance policies?
We understand that cash flow is important to residential and commercial builders and through our partnerships with instalment providers we are able to facilitate monthly instalments on all contract works insurance policies.
When are certificates provided?
We understand the importance of insurance certificates for construction companies to prove their active insurances. We will issue you with a certificate of insurance promptly following the finalisation of your payment. These can be issued in electronic form, so as to ensure the fastest possible turnaround.
Does Insuregroup shop around for construction works insurance?
With access to so many local and international insurance markets we are best placed to shop around on behalf of construction companies for competitive contract works insurance.
Insuregroup: Experts in Insurance