Contract works insurance
Licensed builder and contractors
Covers are available for both residential and commercial builders and are tailored to suit the projects you undertake.
Contract works insurance covers your contractual requirements to insure loss or damage to the works including items on site to be included in the works. The goods and materials comprising the works will have to be replaced at your expense if you go uninsured.
Broad "accidental damage" cover for insured works including fire, theft, water damage, flood, malicious damage, storm and cyclone subsidence, landslip and earthquake.
Some policy features
- Annual, monthly or individual project basis
- Automatic tools cover to $20,000 whilst on site including hired in plant and mobile equipment where it is your responsibility to insure
- Automatic cover for maintenance periods up to 12 months
- Professional fees, demolition/removal of debris, covered automatically and in addition to the contract price without charge
- Automatic cover for contract variations or cost escalations to 15%
- Automatic cover for storage off site, and materials in transit - limit $50,000
- Speculative homes, display homes, whilst in use, or strata units awaiting registration are automatically covered up to 12 months from commencement of the construction
- Automatic cover up to 90 days following practical completion where handover is delayed
- Builders profit margin included for insured losses
- Materials supplied by owners automatically included at 10% of contract price
Tools and equipment can also be covered off site 24 hours a day 7 days a week.
If you are an owner builder, please check our specific insurance covers.
For more information about this policy contact HIA Insurance Services.