Contractors All Risk Policy
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What is “Contractors All Risk” insurance?
If you work in construction, you’ll know about the risk of loss or damage to buildings. With iInsure365 our Contractors All Risk policy can work to help protect the contractor or the employer from such a risk or damage.
Contractors All Risk insurance policies are considered nonstandard insurance policies. Where the primary reason for purchasing the cover is to guard against anything you do on site.
The policy covers damage to the property and may include things such as the structure being incorrectly constructed or being damaged from a renovation. Whereas third party claims may come from the sub-contractors becoming injured while working. Here the Contractors All Risk policy helps to bridge the gap between the two risks into a single common policy.
Who would take out an a “Contractors All Risk” insurance policy?
This is typically taken out jointly by the contractor and the employer at the same time, with multiple parties included in the same policy. They each hold the right to file a claim against the insurer. Although all parties also have the responsibility of notifying the insurer of any grievances or damages. This would relate to anything in respect of a claim. This is always the case even though there may be no intention to make one at the time.
What is an “All Contractors Risk” insurance?
Contractors All Risk insurance, sometimes referred to as contractor works insurance, construction all risk insurance or a building risk insurance policy covers for risk on work that is underway on a building or construction site. For instance, if work that is in progress is damaged as a result of fire, flood, storm, vandalism or theft. This can help to pay to repair or reinstate the works. If there are unforeseen events, the Contractors All Risk insurance will cover the cost of work being redone. These policies cover a wide range of aspects, from plant hire costs to temporary works. Contractors All Risk policies can save money in the long run, should the above ever occur.
Do I really need an “All Contractor Risk” insurance?
Absolutely, construction projects can be complicated undertakings. If problems were to arise before the project is completed things can become more difficult to resolve. Imagine if you were near the completion of a project and the building was to suffer irrevocable damage and you had to begin all over again. This cost could be huge and prohibitive. You can protect yourself against these events by purchasing Contractors All Risk insurance to pay for the cost of the work to be reinstated.
What if I own a building that already has a policy?
Your current insurance cover for any type of building which you own would not cover you in this instance. If you had to decide to refurbish or rebuild they would not cover you whilst any renovations are in progress. You have to take out a completely separate insurance policy.
What is a contracts works insurance?
When you work to complete a project, you cannot forget that you are working under the conditions of a contract. Contract works insurance can cover temporary and permanent works executed according to the terms of the contract. It could also cover materials which were not incorporated into the costs prior to the loss, as well as own and hired in plant equipment and tools. For example if during a building project the building is damaged. It would cover you financially to pay for the repair work already completed up to the value of the contract.
What types of business should take out the policy?
There are all types of trades that should take this type of insurance out. These could be; building and brick laying, carpentry and joinery, damp proofing and dry rot. As well as electrical contracting and lighting, plastering and artexing, shop fitting. Insulation such as lofts, draft proofing and cavity walls, tiling, painting and decorating. Fencing and hoarding, glazing contractors, flooring contractors and UPVC windows doors and conservatory.
What is typically included in a “Contractor All Risk” policy?
Contractors All Risk policies will cover a broad spectrum of cases.
They will normally cover you for;
- Contract works
- Own plant
- Tools and equipment
- Hired property
- Temporary building and fittings
What would it not cover?
You must always be aware of what an insurance policy may not cover you for. These may be things such as;
- Existing structures
- Repair or rectification required as a result of defected design, planning, materials or specification
- Unsatisfactory workmanship
- Liquidated damaged
- Loss of profit or revenue
- Professional indemnity