Construction insurance provides protection for Material Damage to your projects, and Liability arising from your construction activities. This insurance has various names such as Contract Works insurance, Contractor All Risks or Construction insurance.
It is extremely important that your insurance and contracts in place dovetail, in order to be sure that you have the right protection for your insurance.
Due to our experiences, Business Insurance Specialists Pty Ltd is aware of the major advantages of a principal having control over your construction insurances. These include :
Building construction insurance is covering in most cases significant dollar value assets.
It is common for major projects that require greater limits, or are unique in nature, that Single Project insurance be taken.
Owner Builder insurance is construction coverage for one off residential building.
As an owner builder you are responsible for the insurance, and will need to ensure you have the most appropriate insurance in place.
Professional Indemnity insurance for builders is an area of coverage this is often overlooked.
This coverage is becoming more prevalent as Principals, developers and clients, are becoming more aware of the Professional Risk exposures resulting from Design, which means Injury or Damage and resultant financial loss arising from Design error are excluded under your standard Liability section of your Construction insurance policy.
On this basis, if you are engaging outside consultants or undertaking work in house, we recommend you take Design and Construct insurance.
Builders Warranty insurance is available in various states, with coverage based on the requirements of each separate state’s legislation.
Structural Defects insurance is specifically required for the Victorian market.
Structural Defects Liability insurance indemnifies the Insured once construction is completed and for structural defects only.
If you are a national business doing business in Victoria, this area of insurance should not be overlooked.