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General Construction Insurance


Frequently Asked Questions

Q: Why do I need to complete a Construction WorksTurnover Declaration? 

A: The annual Construction Works and Public Liability policy is set up with an estimated turnover.  At the end of the policy period we may need to make an adjustment on this turnover figure if the estimated turnover is not reached or alternatively if it is exceeded.  Another reason for the actual turnover declaration is that it is a requirement of the insurer (and government legislation) to be informed of the postcode and the contract value of any works that are undertaken so that the correct terrorism premium is charged.

 

Q: What is the period of Construction Works insurance? 

A: A lot of our clients become confused with their Construction works period of insurance.  The period of insurance is the dates the policy is to run between.  It is not, as most people think, set for a financial year.  For example, 12 April 2006 to 12 April 2007

 

Q: What is the estimated turnover based on?

A: As per the policy wording, the definition of turnover is as follows: the gross amount expended on labour, materials, goods, services and subcontracts in all phases of building and construction works in connection with all insured projects under this policy including those declared under the "Run-off provision" for the policy.