Construction sites are laden with risks – with damage to equipment and bodily injury being most prevalent. Contract works insurance is designed to help offer small- to- medium-sized construction and building companies financial protection from both angles.
Helps cover costly legal fees if your construction activities injure a third party – or damage their property.
Cover if a third party is injured or their property is damaged during construction
As a result of builder’s negligence.
Up to $20 million public liability limit
The limit of liability is the maximum amount that can be provided under the insurance policy.
Single project or annual turnover cover option. Transfer basis annual policy option also available
The policy structure best suited to your business needs may vary on the size, value and risk profile of your construction projects.
Products liability cover for certain risks after works have been completed
After they have ceased to be in Insureds possession or control.
Coverage Australia-wide
Helps cover physical loss or damage to buildings, materials, equipment and more – as well as assets in transit or storage.
Cover for physical loss or damage to buildings, materials, temporary works and equipment that are a part of construction-related activity
Including cover for property whilst in storage and in- transit.
Up to $20 million material damage liability limit
The limit of liability is the maximum amount that can be provided under the insurance policy.
Optional cover for plant and equipment damage, loss or theft up to an agreed sum insured
$100,000 any one loss – Mmaximum $500,000 sum insured. Automatic inclusion for construction plant &and equipment up to $100,000, provided such property is notified within 60 days.
Existing structures up to $500,000 any one ES without referral
$1 million maximum all existing structures. Any limits over this are referrals.
Coverage Australia-wide
Why should you choose Marsh to arrange your insurance solutions?
You aren’t legally obligated, but we highly recommend it – especially if your company offers building design advice or services.
If a client claims you made an error that led to injury, damage or financial loss, you may be liable to compensate their losses.
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.
Generally speaking, no. However, you can apply for an extension on your contract works policy to include them.
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.
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
Construction collapse
Storm and flood damage
Natural catastrophes – earthquakes and cyclones.
Between material damage insurance and public liability insurance – two standard covers under a contract works policy – it can also cover legal liability for third-party injury and property damage.
Single project cover is a policy procured on a case-by-case or ad hoc basis. Some businesses need this under a contractual obligation.
Generally speaking, it’s most beneficial for projects that are at high risk of natural catastrophes. Large-scale construction projects, more complex in nature, also benefit greatly from this form of cover.
Contrary to single project cover, we can also arrange contract works insurance on an annual basis. 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.
For engineers, careful risk management is key. Let us arrange insurance tailored to you – so you can stay focused on innovation.
Subcontractors aren’t always covered by a builder’s insurance – even if the building site is. Let us arrange cover to help protect you.
Our experienced trades team can arrange comprehensive cover at competitive rates – and get you a certificate of currency on the same day.
A storm, cyber attack or machinery breakdown can grind your business to a halt. Arrange business interruption cover to keep things moving.
Cyber attacks are becoming increasingly common. Help protect your small business with cyber insurance solutions 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.
*Interest and additional fees are applicable. Terms and conditions apply.
LCPA 23/144
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.
