Contract Works Insurance

The construction industry plays a pivotal role in the Australian economy and society.

During the process of construction and development, it is equally important to ensure that both the assets under construction, and the machinery and equipment used to build these assets, are protected from unexpected events.

Who needs Contract Works Insurance?

Contract works insurance also known as construction insurance is recommended for commercial, industrial and domestic builders, sub-contractors, and owner-builders.

Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts. The premium is annually adjusted similar to many workers compensation insurance policies.

What can it cover?

Contract works insurance can cover the building which is under construction, whether it’s a kit home, straw bale or mud brick home, or multi-story apartment or commercial buildings. It can also cover the equipment used in construction, as well as public liability risk.

Depending on your policy, contract works insurance can cover you against:

• Natural disasters, such as bushfires, fire, earthquakes, flood and water damage, subsidence and landslip, storm, tsunami or wind
• Damage to property caused by defects, theft and malicious damage or vandalism
• Pre-Existing Property (optional extension)
• Escalation Costs
• Removal of Debris
• Professional Fees
• Expediting Expenses
• Mitigation Expenses
• Access Costs
• Search & Locate Costs
• Recovery of Property
• Extra Costs of Reinstatement
• Materials in Transit
• Materials Stored Offsite