So you’ve won a new contract… How do you go about insuring it?
Contract works insurance is sometimes referred to as builders risk insurance and the principle behind it is rather simple. Under most standard house and contents policies cover is excluded when major building work is undertaken or you are building a new home.
A typical Contract Works Insurance Policy will cover: Fire, theft, vandalism, construction collapse, natural disasters and accidental damage. It will also cover a variety of extensions such as transit, materials in storage, expediting expenses etc.
As a lead contractor or sub contractor navigating Contract Works Insurance cover can be complex so we'd recommend using a broker to help you understand the risks.
We've also created a handy contract works guide to help you with some of the common questions and pitfalls.