Contract Works Insurance Description
Contract Works insurance is designed to cover losses during the construction of a building. These losses can either be material damage to the property being built or damage or loss to a Third Party property or person. When calculating the material damage sum insured it is important to take into consideration the actual cost of rebuilding, escalation costs, changes to the by-laws that you may have to deal with when reapplying for your building permit and removal of debris. The list goes on and on!
Construction works or contract works insurance is nothing new to builders – it is a common requirement in building contracts and many financial institutions funding projects stipulate that construction works insurance must be held as loan security. It is also just good business practice to hold this type of policy to protect your building works. So, what is covered by a construction works insurance policy?
As the name suggests, the purpose of construction works insurance is to cover building works in progress, should loss or damage occur during construction. Insurance can be arranged specifically for each project or as an annual policy covering all projects undertaken with the insurance premium paid on works turnover. There is no such thing as a standard policy, so builders should take particular care when taking out construction works insurance, as there are significant variations in the extent and quality of policies issued by different insurance companies.
It is important to have sufficient liability cover to protect you against third party claims for loss and damage. Talk to us we know how to help you!
Builders Warranty Insurance Description
If you are an owner builder and you sell your property within the prescribed time limit you will need this insurance. The number of Builders Warranty insurers has increased in recent times but you will need to provide this guarantee of workmanship to the new owner until the prescribed period has elapsed. We can help you do that at a cost-effective outcome.
For More Information About Contract Works Insurance or Builders Warranty Insurance Policies …
For more information about Contract Works or Builders Warranty Insurance Policies send us an email, call us on 1300 880 409 or use our Contact page to send us an online inquiry. We will contact you within 24 hours to answer your inquiry.