What is Contract Works Insurance?
Contract Works Insurance insures the construction-related activities of a construction project into one packaged policy. It not only covers the main contractor but will extend to include sub-contractors and any other parties associated with the specific contract.
There are 2 types of policies available:
- Annual Contract Works
- One Off Contract Works
It is primarily designed for business owners operating their own projects rather than subcontractors and, on this basis, an Annual Contract is strongly recommended. If you feel that an Annual policy is just out of reach with price, then you can opt to take a One-Off policy for each individual contract, however, be aware that the cost can be far more expensive in the long run. The major benefit of an Annual policy is that it covers all construction projects running during the policy period.
The policy provides the following cover:
- Accidental Loss or Damage occurring at the contract site
- Public Liability for loss or damage to property or personal injury
- Architects / Surveyor’s / Engineers Fees incurred as a result of the loss
- Accidental Damage to employee’s tools, equipment and personal effects