Construction & Laibility Insurance is also known as ‘Contract Works Insurance’ provides protection for material damage and legal liability against a range of construction-related risks, during the course of the construction.
Some of the mains types of construction include:
- Buildings Residential, Commercial, Industrial (including Renovations & Refurbishments of existing dwellings)
- Civil Works Roads, Railways, Pipelines, Bridges, Tunnels & Shafts, Dams, Water & Sewerage Plants, Towers
Request a quote from Optimum Insurance today
To obtain a quotation, you can:
- Call on 1300 739 861 to discuss your enquiry with one of our advisers.
- Send an email to service@optimuminsurance.com.au
- Complete the following enquiry form and return by fax, post or email.
Download:
Single Project
Construction & Liability Insurance Questionnaire
Owner Builder Construction & Liability Insurance Questionnaire
Annual Policy Construction & Liability Insurance Questionnaire
We will come back to you with a quotation as soon as possible (in most cases with in 2 - 5 business days). If you would like to discuss your specific needs, please don’t hesitate to Contact Us.
Types of policies available include
Project Specific
One off insurance designed for to provide insurance protection for a single project and its related risk. (including Owner Builders
Annual Policy
Is based on the projected work of a contractor/ builder an annual basis. This policy provides flexible protection for contractors and the construction and related industries.
Summary of policy features
Material Damage
Provides cover for unforeseen physical loss or damage to the insured Contract Works that may arise during the construction period (and/or maintenance period if elected).
Contract works commonly refers to works of engineering, construction, electrical or mechanical, installation or erection, including formwork, hoardings, temporary buildings or works, scaffolding, principal supplied material for incorporation in the works, and additions, alterations, refurbishment, or overhaul or pre-existing property.
You also should consider the policy features and benefits, as these vary from insurer to insurer and some are not automatically covered or may be sub-limited under the policy.
These include:
- Loss of Profits
- Removal of Debris/ Demolition Costs
- Professional Fees (Architects, Surveyors, Engineers)
- Variations and Escalation in Contract Value
- Expediting Expenses
- Mitigation Costs
- Materials in Transit
- Existing Property
- Contractors plant and equipment
- Reinstatement of Sum Insured
Public & Products (Broadform)Liability
Provides cover for Legal Liability for Personal Injury or Property Damage caused by an occurrence in connection with the insured Contract Works. (Note: Some insurers provide limited cover for Public (General) Liability Only.)
You also should consider the policy features and benefits, as these vary from insurer to insurer and some are not automatically covered or may be sub-limited under the policy.
These include:
- Property in (your) Care Custody or Control,
- Vibration Weakening or the Removal of Support
- Worker to Worker Liability
Insurers Policy Wordings
Each insurance company has their own policy wording, this means that coverage can vary considerably from one insurer to another. It is important that you compare each policy based on the appropriateness of cover for your individual business needs.