There are a number of things that can go wrong during construction work that can cause considerable financial loss and damage to your reputation.
That’s why it’s important to manage your risks during all stages of the construction project and protect both you and your assets should an incident occur.
Contract Works Insurance (or Construction Works Insurance) provides insurance cover for a construction project. Cover includes accidental theft and damage of contract works during construction as well as third party liabilities and compensation.
What does Contract Works Insurance cover?
A Contract Works Insurance policy provides essential protection for builders, contractors, and developers against a range of risks that may arise during a construction project.
A typical Contract Works Insurance policy will provide cover for:
- Material damage or theft of materials and tools
- Third party property damage
- Material damage to on-site plant and equipment and existing structures
- pre-existing buildings on-site that may be affected during construction
- Third party bodily injury
- Legal costs and compensation if your business is held liable for damage or injury
- Advanced loss of profits and rental
- Additional costs if an insured event causes a delay in start-up or project completion
Do I need Contract Works Insurance?
If you are a principal, builder, contractor, or tradesperson involved in construction, renovations, or civil projects, Contract Works Insurance can help to protect your project from unforeseen events like accidental damage, theft, or weather-related losses.
Many contracts may also be contractually required to have this type of cover in place before starting a project, ensuring financial protection for work in progress and materials on-site.
How Coverforce can help
At Coverforce, we understand that every construction project is different. That's why we will take the time to assess your individual risk management requirements and exposures and deliver insurance solutions that are tailored to you and the needs of your project.
For more information or to arrange cover, please contact your local Coverforce Office or simply fill a Contract Works Insurance quote form below and one of our insurance brokers will get in touch within one business day.
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