Coversure can provide Contractors All Risks insurance (also known as Contract Works insurance). This is an insurance policy specially designed for builders and a number of other trades working at a contract site. Contractors All Risks insurance can include cover for public and employers liability, contract works, own plant, hired-in plant and employee’s tools.
The main part of the contractors all risks insurance is the contract works section which provides cover for the value of the materials and property being used on a project (e.g. new house, etc.). However, where there is an existing property (e.g. the existing structure when building an extension), cover for the existing property is excluded and must continue to be insured under its own insurance cover.
Under standard Fire and Theft policies any loss must be a result of specified perils, but there are other ways loss’ can be suffered. The insured may accidentally drop or knock or simply lose or mislay an item.
The Contractors All Risks policy covers the insured items against any loss or damage which is not specifically excluded.
There are broadly two types of construction risks insurance. The first covers damage to property, such as damage to buildings and other structures being constructed or to the existing building in which the construction is being carried out. The second covers liability for third party claims for injury and death or damage to third party property. Modern forms of contractors’ all risks policies cover both.
Typical contract trades for Contractors All Risks insurance cover would be general building contractors, air conditioning/heating engineers, double glazing installers, electricians, shopfitters, bricklayers, carpenters/joiners, ceiling/artexing, plastering/partitioning/dry lining and floor/wall tiling contractors.