Contract Works Insurance
Construction projects are costly. The materials, the labour, not to mention the time and energy invested add up very quickly. The last thing you want is to lose hundreds or even thousands of dollars in the event that damage occurs and your project is adversely affected. Ensuring that all facets of the project are insured and sufficiently covered prior to putting shovel to ground is absolutely critical for the safety of the job at hand and for your business. Whether new construction or renovations on an existing home, you need to understand what is involved when it comes to Contract Works Insurance.
Also known as “Construction All Risk,” the policy will cover accidental or sudden loss or damage that can potentially arise during the course of construction. So for instance, in the case of fire, theft, natural disaster, damage by a third party, or some other such uncontrollable event, the materials and the cost to rebuild would therefore be covered.
At Abraham Insurance, our contract works policies last throughout the course of construction, and we make sure that you understand all of the relevant details before the start of your project. Our interest is in helping to safeguard our clients’ assets and their ultimate livelihood.
- Policies can be tailored to a specific project or maybe established annually
- The policy will not only cover construction materials onsite but also materials in transit and those stored for a specific job at an offsite location.
- Depending on the nature of the claim, the policy may cover surveyor, architect or engineer fees when it comes to repairing or replacing portions of the project.
- Debris removal may be covered as it pertains to the location and consequent repair of the damage.
Not only is contract works insurance important as far as ensuring that in the event of some type of damage, theft or loss, materials can be replaced without additional out of pocket costs, but also, most banks, in order to fund the project, require builders and contractors to have this insurance in place. Talking with someone who understands the industry and its insurance requirements is a great place to start. One of our brokers would be more than happy to review with you the terms, costs and requirements when it comes to contract works insurance.