Contract Works Insurance
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Why Insure the Contract?
Whether your building project is straightforward or complex, you should have a contract that clearly outlines the project’s essential details. Often, a building project will use the Joint Contracts Tribunal (JCT) standard contract, although there is no obligation to use a specific form.
This insurance can help cover the cost to repair or redo work that has been damaged by an insured event, such as flood, storm, fire, vandalism, or theft.
You can rest assured that you are covered in respect of the works being carried out. Contract works insurance is a comprehensive cover that often includes tools and equipment that have been hired, as well as purchased materials that have not yet been installed in the building.
Construction projects can be complicated undertakings, and if any problems were to arise before the project is completed, they can become difficult to resolve. Imagine you are working on the framework of a two-storey detached home. One night, a devastating summer storm rolls in and relentlessly batters the building site, effectively undoing several weeks of progress. Situations like these call for Contract Works Insurance (CWI). CWI, also known as Contractors All Risk Insurance, provides cover for work that is underway on a building site.
Who should have Contract Works Insurance?
The businesses who generally take out this kind of insurance are usually building contractors, property developers, electricians, bricklayers, carpenters, plasterers, tilers and others working in the construction industry.
However, some of your clients may require you to have this policy prior to work commencing.
What are the Extensions?
Depending on the potential risks of a project, you may need to supplement your Contract Works Insurance policy with extensions to avoid any gaps in coverage.
These could be:
- Debris Removal - Cover for removal of damaged materials.
- Public Authority Requests - Cover for any request made by local councils or other public bodies.
- Professional Fees - Ensures costs are covered if you are required to use specifically-trained individuals such as architects or lawyers.
- Plans/Drawings - Changes to original plans or loss of drawings resulting in delays.
- Expediting Expenses (such as overtime) - Completing the job as quickly as possible.
- Joint Contracts Tribunal (JCT) Contract Conditions - Covers for conditions that require changes to construction.
- Off-Site Storage - Financial protection for materials and equipment stored off-site.
What are the Exclusions?
There are a handful of exclusions that are shared by most insurers:
- Loss or Damage (due to defective design, materials or workmanship) - Covers for costs of loss or damage to construction.
- Policy Excess - The specific amount detailed on your policy which is paid on a claim.
- Inventory Losses - Stock and materials that go unused.
- Wear and Tear - Damage sustained due to material or equipment being used or due to normal conditions.
- Any Consequential Losses - An indirect impact caused by damage to property or equipment.
- Pollution and Contamination - Work has caused pollution or contamination to an extent that breaches environmental regulations.
A policy can be arranged for a specific contract or an annual basis.
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