Construction Insurance

Construction Insurance needs an expert broker to assist with securing suitable insurance to cover your needs. The insurance solution can only be ascertained once all the parties to the building contract are correctly identified, and the appropriate insurance solution determined, based on your contractual responsibility (insurance interest) you have, based on the agreed building contract, including liability to third parties.

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Construction Insurance Overview

Construction insurance is designed to cover contractors/businesses who are engaged in OR need to protect their:

  • Civil engineering e.g. roads, dams, reservoirs, earthworks, tunnels, concrete bridges, piers, runways (Contract Works policy)
  • Buildings in the course of erection (Contract Works policy)
  • Machinery Relocation e.g. plant/machinery being dismantled and machinery transit by rail/road (Dismantling, Transit & Erection policy)
  • Machinery Erection e.g. turbines, boilers, process plants, transformers, switchgear etc (Dismantling, Transit & Erection policy)
  • Own plant and machinery or goods being manufactured and/or in their custody and control against impact damage and that which is not dealt with under a Fire policy (Works Damage policy)
  • Construction plant whilst in storage, transit, on the contract site and while being used as a tool of trade. The policy can also be extended to cover the plant whilst underground and for machinery breakdown. In addition standard cover is available for hiring costs, legal liability arising out of the hire and continuing hire charges (Plant All Risks)

The two most common risk areas are Contract Works, as called Contractors All Risks and Plant All Risks, which essentially look to cover:

Contract Works

Contract Works, loss or damage to agreed works( per the contract documents), subject to the policy exceptions etc and the insured legal liabilities which arise out of the performance of the agreed contract works, subject to the policy exceptions. 

Cover can be arranged for each specific contract entered into or an “ open” policy basis, which covers all the contracts entered into over 12 months, subject to a highest Contract Value sum insured limitation and an annual declaration of the total actual value of all contracts completed.

Plant All Risks

Plant All Risks, loss or damage to specified mobile plant, subject to the policy exceptions etc and the insured legal liabilities which arise out of the use of the plant off road, subject to the policy exceptions. 

In addition, cover is usually available for hiring costs, legal liability arising out of the hire and continuing hire charges.

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