Insurance
Contract Works Insurance
Contract Works insurance covers construction projects while they are in progress, protecting the works themselves plus materials on site against damage, storm, theft and vandalism. It can be arranged per project or annually for builders with continuous work.
Do I need Contract Works insurance?
If you are a builder, contractor or an owner commissioning construction, the partly finished works are usually yours to insure until handover. Most building contracts require Contract Works cover before work starts.
What does it cover?
- Damage to the works during construction
- Materials on site, in transit and in storage
- Removal of debris after an insured event
- Public liability during the project, when arranged as a combined policy
- Cover during defects liability and maintenance periods, depending on the policy
Important tips
- Annual policies suit builders with ongoing projects and remove the risk of forgetting to insure a job.
- Check who the contract requires to insure the works. It is not always the builder.
- Allow for cost escalation. A project priced two years ago costs more to rebuild today.
General advice warning
The information on this page is general advice only. It does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you, and read the relevant Product Disclosure Statement before deciding to buy or hold any insurance product.
How Loyed can help
We review your building contracts, arrange per-project or annual cover to match how you work, and make sure liability and works cover line up without gaps.
Request a quote
Tell us a little about your business and a member of the Loyed team will contact you within one business day.