Contract Works/Material Damage
If you own or manage a construction site, consider that there are several potential risks that can disrupt your business’ operations.
Your Resilium Adviser understands these risks and can give you options to protect you and your business. We can tailor an insurance solution with a range of cover options to protect your contracted works against significant contingencies before, during and after completion, as well as anyone visiting or working on the site.
Who is it for?
Contract Works/Material Damage Insurance is typically for builders, owner-builders and other relevant building contractors.
What does this insurance cover?
A typical Contract Works/Material Damage Insurance policy will provide cover for:
- Projects undertaken by builders, owner- builders, contractors, financiers, or all parties to a contract that we agree
- New constructions or alterations and additions
- All phases of work – Preparation, construction period, maintenance period and testing and commissioning.
- Loss or damage to existing structures under an insured’s care, when requested
- Loss or damage as a consequence of defective materials, workmanship or defective design, plan or specification (but not the defective material, work, item or part itself).
- Extensive sums insured
- Projects of any value: up to $100,000,000 total sum insured from owner-builders to commercial firms.
- Associated costs that result from loss or damage such as demolition and removal of debris, professional fees and others
- Further sums insured are also available for expediting expenses, contractors plant and machinery, tools and equipment and temporary site infrastructure
- Products liability for sale or supply of products or the completed operations (annual, multiple project policies only)
- Construction and non-construction activities (a single policy can cover both)
- Special risks such as vibration and removal of weakening supports
- Up to $50,000,000 limit of liability
For more information or to arrange cover for you or your business, please contact us and speak with one of our advisers.