Contract Works insurance explained
Contract works insurance specifically covers new works from a range of perils during the time they are being built. That would include the structure itself as well as the materials and fittings. The ‘perils’ might include fire or theft, malicious damage, flooding and storm damage.
In addition to this core cover, building contract works insurance can usually be extended to include cover for a range of tools and machinery that you may require for the job. These might include:
- Hired In plant & machinery
- Owned plant and machinery
- Tools cover
- Employees’ tool cover
- Temporary buildings / structures
Who needs Contract Works insurance?
All trades people involved in a building development should consider contract works insurance. At BJP insurance, we’d typically recommend that you at least consider your requirements if you are a:
- General Builder
- Building Contractor
- Property developer
- Property refurbishment business
- Double Glazing installer
- Carpenters and joiner
- Partitioning contractor
- Dry lining firm
- Floor and wall tiler
If you are unsure as to whether you need a contracts works insurance policy in place, give us a call. We are happy to discuss your work and likely requirements.
You may find that having a contract works insurance policy in place is a condition of your contract. Most standard commercial building work is carried out under a contract, though typically they will be amended from standard wording to reflect the precise nature of the work. It’s likely that this will also stipulate the value of cover that you require. For these reasons, it can pay to have a professional insurance broker work with you to ensure you have adequate protection and are meeting the requirements of your contract. Our team of experienced advisors will be happy to help.