Construction insurance is designed to provide those with an exposure to construction projects with cover that’s designed specifically for their industry and needs.
A typical construction policy would include cover for physical loss or damage to materials and equipment due to events such as natural perils, or theft and vandalism. It should also include public liability and of any professional services are being provided such as design (even when using a consultant) professional indemnity
Construction projects are complex, and so are the risks. Regardless of the size of your business, it’s important to consider construction-specific cover because generic business insurance policies can fall short of providing the comprehensive and nuanced protection that you need and may also put you in breach of a construction contract or sub-contract.
If you’re looking for construction insurance, you should talk to a broker who specialises in your industry first and foremost, or you might find yourself paying for cover you don’t need – or worse, your package might not provide adequate protection.
Why should you choose Marsh to arrange your insurance solutions?
You may be contractually obligated and we highly recommend it – especially if your company offers building design advice or services.
As a builder, you are not protected by another party’s professional indemnity insurance such as the designer’s, engineer’s or other consultant’s policies.
Yes. We can arrange monthly instalments* with a premium funder, provided you meet certain criteria.
To arrange monthly payments, talk to one of our dedicated Marsh insurance brokers.
This can generally be included into your contract works policy, however, may not be automatic.
The extension would cover your tools and equipment for damage, loss or theft up to an agreed insured sum. If you’re applying for a new policy, be sure to tell your broker you’d like to add this on.
Contrary to single project cover, we can also arrange construction insurance on an annual basis. The policy will include a set of parameters for projects that can be automatically covered. This form is called annual blanket cover.
It’s most beneficial for builders and construction companies who complete multiple projects in a year. They might need cover that includes pre-agreed parameters and limits for many projects under a single policy.
The answer will vary from insurer to insurer. Your policy may look different depending on who provides it – and inclusions may only apply to certain projects.
Generally speaking, a typical contract works policy can cover physical loss or damage to buildings, materials, temporary works and construction-related equipment.
This might be due to:
Fire
Theft
Vandalism
Storm and flood damage
Natural catastrophes – earthquakes and cyclones.
Protect your business against claims of misleading advice, breach of duty and negligence with professional indemnity cover.
Insurance can be a lifeline. But lump sum premiums can be a hindrance. Pay in monthly instalments with premium funding arranged by Marsh.
With personal accident cover you can be sure your medical expenses are covered in the event of an on-the-job injury.
A construction project can’t be rushed – but it can be derailed unexpectedly. Let our expert brokers arrange your contract works cover.
Subcontractors aren’t always covered by a builder’s insurance – even if the building site is. Let us arrange cover to help protect you.
For engineers, careful risk management is key. Let us arrange insurance tailored to you – so you can stay focused on innovation.
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the general insurance (i.e. not the Discretionary Trust Arrangement) and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). Any advice or dealing in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). JGS and JLT are businesses of Marsh McLennan. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
*Interest and additional fees are applicable. Terms and Conditions apply.
LCPA 23/144
