Contract Works Insurance

One Off Or Annual Projects

Contract works insurance covers everything that can happen over the course of a construction related project. It is put in place to cover all of the people who are involved over the course of the entire project; from the general contractors and the subcontractors to some of the people who are contracted to provide the company with the supplies they need to ensure project completion.

This kind of policy covers physical loss or damage that may be incurred as the result of an accident that happens while construction work is being performed. It also covers third party liabilities as well as loss of profits. There are some conditions that will need to be met in order for your project to qualify for coverage.

Who Needs Contract Works Insurance?

Most of the people who apply for this type of insurance are builders, but this kind of policy is good for others as well, including, but not limited to:

– People in trades who are in charge of their own projects

– Subcontractors who run their own projects

– Owner builders

If you are not sure whether your business is be eligible for this type of policy, get in touch with us and we will discuss this with you further.

What Is Covered By Contract Works Insurance

– The construction of buildings as well as other structures

– Delays in the beginning of projects

– Money loss from profits and the costs of rentals

– Wet and dry civil works

– The installation of all machines and equipment needed for the project

– Legal liability

– Standing charges and holding costs

This is a general idea of what is covered with this policy type. There is a chance that there are things that were omitted from this list. If you have any questions about what is covered, feel free to get in touch with us.

Does Contract Works Insurance Replace Public Liability Coverage?

It is possible for contract works coverage to include public liability. This coverage is typically more broad than your average public liability since it often includes:

– Sub-Contractor Liability

This will protect you in the event that someone whom you subcontracted to do work causes damage to a client’s home or business. In most cases, you would be the one held responsible since you are the one that was directly contracted by the client. While you can make it a requirement for the subcontractor to have their own coverage, it is a good idea to have this in place just in case something goes wrong.

– Products Liability

If you use a product and it causes some kind of damage, it will be your responsibility to cover that. This is typically coverage that is for people who manufacture products, but it is helpful for builders as well. Since you are technically providing client’s with a product that was created by you, there is a chance that you will be help responsible in the event they are harmed in some way.

– Cross Liability

This is a type of insurance that applies to each person that is named on the insurance, yet the rules apply as if they each had separate policies. This is helpful for several reasons. If a client sues more than one party, they will be able to receive a judgment from each. In addition, one of the insured parties can sue another without problem. Since it is not uncommon for contractors and subcontractors to have disputes, it can be really helpful to have this kind of policy in place.

So to answer the original question posed in the heading, yes. It is possible for this kind of insurance to eliminate the need for a public liability policy. This is something that you should try discussing further with an insurance agent.

Call Us Today For All Your Insurance Requirements!

As you can probably tell, there are a lot of factors involved when it comes to this type of insurance coverage. While you probably have more answers now than you did when you began reading this page, you probably have many questions that have not been answered as thoroughly as you would have liked. Instead of sitting around and wondering if you need this coverage or whether there is another type of coverage that would be better for you, please call us today and let us discuss what options are best suited for you!

There are many people out there who are struggling to handle all the financial strain that being uninsured has had on their business. If you are starting a construction project and you want to make sure that you will be okay in the event that something happens, don’t delay any further in getting the right coverage. Give us a call today for an obligation free quote!