YOUR FMB CONTRACT WORKS INSURANCE
Affordable and effective – choose the right Contract Works Insurance to keep your business safe WHY YOU NEED CONTRACT WORKS INSURANCE
damage to any existing structures on the site. For example, if you’re building an extension and there’s a fire at the property, your Contract Works Insurance would cover the cost of repairing the extension that’s in progress, but not damage to the rest of the house. Your client’s home insurance should cover this instead. What should you consider when choosing cover? When you’re choosing how much Contract Works Insurance to buy, you need to consider the total cost of your largest project, including labour and materials. It is important to buy the right level of cover in case you need to make a claim. For example, if your biggest project costs £1 million over two years, you’ll need £1 million of Contract Works Insurance. At FMB Insurance, Contract Works Insurance is flexible with the option available to take out a single contract or combine this policy with Employer’s Liability, Public Liability and tool cover. Get in touch to make sure your future construction sites are fully covered. FMB Insurance can manage all of your business protection needs under one roof, delivering the right policies for the right situations. Insurance and warranty products include Contract Works Insurance, New Homes 10-Year Structural Warranty, Public and Employers’ Liability Insurance and more. Call 01353 652 760 or email insurance@fmb.org.uk
A s a surprisingly affordable section of cover, Contract Works is often overlooked as not being ‘essential’ in an insurance policy. But this insurance covers you for any loss or damage that happens during the build.
What does Contract Works Insurance cover?
This type of insurance policy can cover the cost of repairing or redoing work on a construction site and is taken out to insure aspects of construction projects such as: Damage caused by an insured event such as fire, flood, vandalism or theft; Material damage to on-site plant and equipment; Employee’s tools and personal effects; Third-party property damage; and Accidental damage to on-site materials. If you’re working on a new home and a fire destroys some of the partially finished building or your site is broken into and vandalised, your Contract Works Insurance should cover the cost to get you back to the point that you were at before the accident. It’s important to note that Contract Works Insurance does not cover
What is Contract Works Insurance?
Contract Works Insurance, also known as Contractors All Risk, is insurance for builders and other tradespeople. It is designed to protect building works in progress, covering you for any loss or damage that happens during construction. Determining whether you need Contract Works Insurance depends on your client contracts. If they hold you responsible for unfinished work on a site then you should check the terms of your contracts carefully.
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