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Construction Works Insurance
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Construction Works – also known as Contract Works – covers builders, tradies and subcontractors’ responsibilities to insure against loss or damage to their build, as well as their legal and contractual obligations in relation to the contracted works.
We understand the risks and challenges builders, tradies and subcontractors face on and off site every day. Providing customers with comprehensive cover at a competitive price, and taking the hard work out of protecting your works, is at the core of HIA Insurance Services. This is why we have designed two new and improved levels of cover you can buy online.
New and improved cover you buy online
Gold – Quality cover at a competitive price
Key benefits:
- Cover for subcontractor negligence – your interests are protected for your subcontractor’s work for which you are liable
- Legal liability claims – cover for legal fees, settlements and court costs from defending certain claims*
- Automatic contract value increase – for when the value of the contracted works increases mid-project*
- Mitigation costs – Preventing covered damage to insured property*
- Owner-builder, single project and annual turnover policies available.
Platinum – Our highest level of cover
Key benefits:
- Cover for display homes – showcase your work and secure your next project with the peace of mind you need while you’re on-site working on your current build*
- Existing structures cover – no additional cover needed for extensions on top of the insured contracted works*
- Search and locate damage/defects cause – discover what’s causing something to not work properly fast*
- Access to remove and restore – cover that enables the repair of the works without you being entirely out of pocket*
- Single project and annual turnover policies available.
*Up to the limit of your liability cover or limit specified in the policy wording. Please check your policy wording for mentioned expenses, specified limits and further details.
Construction Works Insurance FAQs
How does construction insurance work?
One key benefit of construction insurance is that it can help secure approval to build. Contractors and subcontractors are often required to carry insurance coverage as a condition of their contracts, ensuring that they have the necessary financial resources to cover any losses or damages that may occur during the construction process.
Construction insurance typically covers three main areas: liability, property damage, and workers' compensation. Liability insurance protects against third-party claims for bodily injury or property damage caused by the construction project, while property damage insurance covers damage to the construction site or materials. Workers' compensation insurance provides coverage for injuries or illnesses sustained by workers on the job.
Contractors and subcontractors are typically required to carry construction insurance as a condition of their contracts. This ensures that they have the financial resources to cover any losses or damages that may occur during the construction process. Property owners may also choose to purchase additional insurance coverage to protect their own interests.
In the event of a loss or damage, the party that suffers the loss or damage can file a claim with the insurance company. The insurance company will then investigate the claim and determine the amount of coverage that applies. Once the claim is approved, the insurance company will pay out the appropriate amount to the affected party.
Why might I need Construction Works Insurance?
Here are some reasons why you might need Construction Works Insurance:
- Protection against property damage: Construction Works Insurance can provide coverage for damage to the construction site, materials, and equipment used during the project.
- Protection against third-party claims: Construction Works Insurance can also provide coverage for third-party claims, including bodily injury or property damage caused by the construction project. This can include claims by neighbouring properties, pedestrians, or other stakeholders who may be affected by the construction work.
- Legal and contractual requirements: In some cases, Construction Works Insurance may be required by law or contract. For example, in New South Wales, the Home Building Act 1989 requires builders and contractors to hold specific types of insurance, such as home warranty insurance and public liability insurance.
- Peace of mind: Construction projects can be complex and involve many different stakeholders, which can increase the risk of potential losses or damages. Having Construction Works insurance can provide peace of mind and financial protection against unexpected events.
What else can I cover?
- Professional indemnity insurance: This type of insurance for construction covers you against claims made by third parties for financial loss or damage resulting from professional advice or services that you provided. It can be especially important for architects, engineers, and other professionals involved in a construction project.
- Environmental liability insurance: If your construction project involves activities that could cause environmental harm, such as excavation or demolition, you may want to consider environmental liability insurance. This can provide coverage for cleanup costs and damages resulting from pollution or other environmental harm.
- Cyber insurance: If you store sensitive data related to the construction project, such as financial records or personal information, you may want to consider cyber insurance. This can provide coverage for losses resulting from cyberattacks, data breaches, or other digital threats.
- Delay in start-up insurance: This type of builders insurance provides coverage for financial losses resulting from delays in the start of the construction project due to unforeseen events, such as labour strikes, natural disasters, or supply chain disruptions.
- Equipment breakdown insurance: If you rely on heavy machinery and equipment for the construction project, you may want to consider equipment breakdown insurance or tool insurance. This can provide coverage for repair or replacement costs in the event of equipment failure or breakdown.
- QBCC insurance: This contractors and builders insurance is required in Queensland, Australia. It is specifically required for those involved in domestic building projects. QBCC insurance provides protection to homeowners against incomplete or defective work, as well as protection for builders against non-payment or financial loss due to insolvency or bankruptcy.
What are other benefits of Construction/Contract Works Insurance?
- Comprehensive coverage: Contract Works Insurance is designed to provide comprehensive coverage for loss or damage to the construction project, including materials, equipment, and buildings, as well as third-party liability. This can provide peace of mind and financial protection against unexpected events during the construction project.
- Flexibility: Contract Works Insurance policies can be tailored to meet the specific needs of the construction project, with coverage options available for different types of projects, contract values, and durations. This flexibility allows you to choose the coverage that best suits your needs and budget.
- Cost savings: Contract Works Insurance can help you avoid costly repairs or replacement costs resulting from loss or damage to the construction project. This can result in significant cost savings for parties involved in the project.
- Legal compliance: In some cases, Contract Works Insurance may be required by law or contract. For example, in New South Wales, the Home Building Act 1989 requires builders and contractors to hold specific types of insurance, such as home warranty insurance and public liability insurance.
- Improved risk management: By having Contract Works Insurance in place, parties involved in the construction project can better manage their risks and minimise the impact of potential losses or damages. This can include implementing risk mitigation measures and ensuring that proper safety protocols are in place.
© 2022 HIA Insurance Services Pty Ltd ABN 84 076 460 967 (HIAIS) as an authorised representative no. 275925 of Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL no. 241141 (Aon). Construction Works, Public & Product Liability Insurance for the Building and Construction Industry is arranged by HIAIS on behalf of the insurance issuer, QBE Insurance (Australia) Ltd, ABN 78 003 191 035, AFSL 239545, ABN 28 008 485 014. If you purchase this insurance, HIAIS will receive a commission that is a percentage of the premium. Further information can be found in HIAIS’ FSG or provided upon request. The information contained in this email is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a product is right for you, please consider the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from HIAIS on request. All representations in this communication in relation to the insurance products HIAIS arrange are subject to the full terms and conditions of the relevant policy. Please contact HIAIS if you have any queries.
HIA Insurance Services
Contact us
If you are an existing HIAIS customer looking for help or a new customer looking for a quote, you can contact the HIAIS team:
- Visit: hiainsurance.com.au
- Call us: 1800 762 878
- Email us: au.hiais@aon.com