Contract Works or Construction Insurance policies are designed to cover loss or damage to a project during the course of construction. Policies can be organised on an annual basis to cover all projects undertaken during the policy period, or as a one-off , job specific policy.
A variety of covers are generally available on these policies including:
- Material Damages: This includes Fire, Malicious Damage, Storm, and can be extended to cover theft of tools and materials from site.
- Material Damages to Existing Structures: The policy can also be extended to cover damage to any existing structures, especially important when undertaking renovations or extensions.
- Liability: Covers legal Liability for injury or property damage whilst construction is being carried out.
At Australian Insurance Professional we can also help with Construction Insurance for Owner Builders.