Contract Works Insurance

What is Contract Works Insurance?

Contract Works Insurance provides cover for ongoing projects. For example, if you’re a Builder with a half-constructed building that becomes damaged or destroyed, this cover could pick up the cost to put the building back into the same position it was in before the claim occurred. Which, depending on how close to completion the contract is, could be a sizeable sum.

What can Contract Works Insurance cover?

Contract works insurance is designed to cover the losses involved with an ongoing project if a claim were to occur. As such, cover can often extend to include:

  • Plant (Both hired-in plant and owned)
  • Tools (employee tools and personal effects)
  • Material costs
  • Labour costs
  • Damage to ongoing construction work

Cover often extends to include theft – a worthwhile cover considering thieves stole nearly £17.5m worth of tools in London alone in 2020, making the risks high.

What’s not covered?

Insurers usually offer Contract Works as an extension of existing cover or standalone, so do not look to cover things such as Public Liability, Employers’ liability, Professional indemnity, or any road-going vehicles. With that in mind, you’ll need to look at either single-vehicle insurance or Fleet cover for your road-going vehicles.

Is Contract Works Insurance the same as Professional Indemnity?

Contract Works is not the same as professional indemnity insurance. Professional Indemnity Insurance typically provides cover for damages caused by negligent advice, design, or specifications. If you provide any of the above services, you may find yourself at risk down the line. Because of this, it is well worth considering a separate policy to cover your Professional Indemnity needs also.  You can in some cases, cover Professional Indemnity and Contract Works as part of a package called Contractors All Risk Insurance.

Is Contract Works Insurance the same as Contractor’s All Risk Insurance?

As eluded to above, they’re not the same. Contractors All Risk Insurance is a package designed to cover many areas and can often include contract works within the cover. Many areas that are not covered under Contracts Works can be picked up under a Contractors All Risk package. These can include but are not limited to:

  • Public liability
  • Employers liability
  • Professional indemnity
  • Tools
  • Plant
  • Legal expenses
  • Contract works

How do I get a quote?

With many different areas of cover to consider, it can be important to seek expert advice to ensure you’re covered correctly. Our friendly, expert team are on hand to assist. Either give us a call on 01743 770 500 or request a call back by filling in your details.

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