Construction & Contractors

Construction Insurance – How Much Can Go Wrong?

From the risks involved in contract negotiation and on-site safety to unexpected delays, funding shortfalls, and post-completion occupancy issues, companies need to have a comprehensive insurance policy that covers every eventuality. 

As experienced construction insurance brokers, we help companies mitigate risk while securing competitive premiums.

The construction industry spans a wide range of specialisms, and we provide tailored insurance across various trades, including:  

• Contract Works Insurance
• Construction Site Insurance
• Civil Engineering Insurance
• Hired in Plant Insurance, including diggers, forklift trucks, plant and plant hire
• Demolition Contractors Insurance
• Groundwork Insurance
• JCT Clause Insurance
• Construction Public Liability Insurance
• Roofers Insurance
• Scaffolding Insurance
• Renovation Insurance & Property Maintenance Insurance

The construction industry is inherently risky and is often fraught with litigation and claims. To protect your business and projects, it's crucial to have comprehensive insurance with adequate coverage limits.

Insurance Areas:

We can review your existing construction insurance policies to ensure you're adequately protected in areas such as:

Products Liability Insurance

Product Liability Insurance protects you if a product you manufacture, sell, or supply causes injury or damage to a third party. In construction, this can include incidents involving faulty materials (such as defective concrete) or equipment failures (like a malfunctioning crane) that lead to harm or damage.

Employers Liability Insurance

Employers’ Liability (EL) Insurance is a legal requirement for almost all UK businesses. Given the high-risk nature of construction work, this cover is essential. It protects your business from the cost of claims from workplace accidents or occupational illnesses.

Contractors All Risks Insurance

What is Contractors’ All Risk Insurance? It’s a policy designed to protect works in progress and on-site materials against unexpected damage or loss. This includes events like fire, flood, vandalism, or theft. By covering these risks, this insurance helps ensure that your project can be completed, even in the face of unforeseen setbacks.

Professional Indemnity Insurance

Professional Indemnity (PI) Insurance safeguards professionals who provide advice, design, or consultancy services. If a client suffers financial losses due to mistakes like design errors, inaccurate surveys, or poor project management, this cover protects you against resulting claims. It’s essential for architects, engineers, surveyors, and other construction consultants.

Collateral Warranty

A Collateral Warranty is a separate agreement that extends certain rights to third parties, like future property owners or tenants, allowing them to bring claims for defects, just as the original client could. In construction, where buildings often change hands, it offers added legal protection and peace of mind.

Extensions

We compare insurers and offer market-leading wording, which includes various extensions, for example:

• No Height or Depth Limits
• Financial Loss
• Legionellosis
• Environmental Clean-Up Costs
• Delayed Start-Up / Advanced Loss of Profits
• Properties being worked on upon extensions
• Insurance for existing properties undergoing maintenance or construction work

Our dedicated team includes in-house claims professionals, risk management specialists, and a dedicated service team focused on construction insurance. 

To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk