Contractors All Risk Insurance

Why do I need Contractors All Risk Insurance

Contractors All Risk Insurance is an essential policy to have in place if you are a building contractor or a developer.

So whether you are building an extension or a complete new property it will cover the structure from start to finish.

Unlike a standard Public Liability policy (which will only cover tradesman for damage caused to third-party premises (existing structure)) Contractors All Risk Insurance will cover any damage caused to the building works, for example if there is an unexpected flood, storm, or fire, or even poor workmanship carried out. This gives you peace of mind for your project, knowing that if anything goes wrong that you have adequate protection in place.

If a Building Contractor held only a Public Liability insurance policy and there was a fire, causing serious, if not fatal damage to the work outside of the original structure, then the insured would not be covered. This could have severe consequences, not only risking the project it could also force the company into liquidation. Yet, if the insured had taken out a Contractors All Risk policy (or a contract works insurance or a contractors combined insurance policy), then they would have been covered for this financially. Moreover, Contractors All Risk Insurance (in contrast to regular Public Liability Insurance) also includes cover for future claims made about work previously carried out by the insured this gives you stronger and more comprehensive protection.

So if you are looking for this type of insurance for your project, then please get in touch today to speak to one of our team!