Contract Works Insurance |
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Contractors All Risks Insurance, also known as contract works insurance covers you if you are involved with extending, refurbishing, converting a building or a ‘new build’. You are probably responsible for the work until it has been handed over, in which case you will be responsible for all the costs of doing the work again, should anything untoward happen. So what does contract works actually cover?During a contract, materials and labour will be used to realise the project. If an insured event occurs, the materials might not be re-usable and the labour put in will have been wasted. Both these costs can be re-claimed on a contract risks insurance policy, so the project can be re-instated back to the original state it was before the claim, at no further cost to the contractor. The project can then be finished and handed over. This sort of cover can prove to be invaluable in ensuring a project stays viable and the contracting company stays solvent. Of course a project isn't simply about labour and materials, so contractors all risks insurance policies usually have many additional options available too in order to cover other parts of the project, forf instance, materials in storage off site can be covered, plant, hand tools, liabilities and much more. Optional covers available include: |
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