AMI Specialty place Contracts Works Insurance extensively for clients across the UK and globally, covering a range of sectors that include Renewable Energy and Construction & Engineering an businesses associated with downstream and upstream energy operations.
What is Contract Works insurance?
If you are building or extending any kind of commercial or residential property, Contract Works insurance will protect you against accidental loss, destruction or damage – regardless of whether the damage took place at the start or end of the project.
This will include the cost of materials and labour and pay for any repairs or replacement work needed to restore the building to its condition prior to the incident. It could save you a considerable amount of money.
What is covered under Contract Works?
This really should be seen as a specific add-on to business insurance for construction workers and, as such, is only relevant to occupations who’d typically work on sites, like builders, groundworkers and tradesmen.
Check your contracts to see who is responsible for this work. If so, this could be an important cover for you to keep your business safe and prevent unnecessary financial loss in the future.
What does Contract Works insurance not cover?
As this is protection that is specific to on-going construction, it doesn’t cover existing site buildings or damage caused by uninsured risks.
Neither does it cover third party damage or injury, like public liability, nor should it be confused with employers’ liability insurance which provides a separate type of protection.
If you are engaged in any type of construction project, then it would be advisable to have Contract Works Insurance in place.
We have detailed experience in all aspects of contract works insurance since it is relevant to so many of our global clientele.