Contractors All Risks Insurance, also known as contract works insurance covers you if you are involved with extending, refurbishing, converting a building or a ‘new build’. You are probably responsible for the work until it has been handed over, in which case you will be responsible for all the costs of doing the work again, should anything untoward happen.
During a contract, materials and labour will be used to realise the project. If an insured event occurs, the materials might not be re-usable, and the labour put in will have been wasted. Both these costs can be re-claimed on a contract risks insurance policy so the project can be re-instated to the way it was before the claim, at no further cost to you, the contractor. The project can then be finished and handed over. This sort of cover can prove to be invaluable in ensuring a project stays viable and the contracting company stays solvent.
Of course, a project isn’t simply about labour and materials, so contractors all risks insurance policies usually have many additional options available in order to cover other parts of the project. For instance, materials in storage off-site can be covered as can plant, hand tools, liabilities and much more.
Don’t leave your contractors insurance to chance, let us help you get the cover you need at a price you can afford.