Insurance for the construction industry can be complex, requiring a solution to balance your contractual, legal, business and personal obligations. It can be challenging to find a broker with the knowledge and capability to assist you with all your needs, from Contract Works and Builders Warranty to Management Liability and Trade Credit. Planned Cover are construction industry specialists and are equipped to assist in all facets of construction insurance.

Having serviced the construction industry for over 40 years, Planned Cover can tailor an insurance and risk management program to suits your needs and your budget.

Contract Works is an ‘all risk’ policy designed to protect a contract during construction. The policy encompasses two sections of cover, Material Damage and Liability, which are usually combined under the one policy but can be purchased separately.

The policy is available in two forms, Single Project or on an Annual basis. The Single Project policy will provide cover for a specific project, with the annual policy covering all projects during the 12 month period.

The Annual policy can be written on a ‘Turnover’ or ‘Run-Off’ basis and care needs to be taken with your annual declaration to ensure no gaps in coverage. Turnover, also known as ‘Transfer’ will only cover the work undertaken during the policy period, while Run-Off will cover any contract commencing during the policy period through to completion of the project (of expiry of cover as per the wording).

Cover can be arranged by either the Principal or the Builder (or an Owner Builder), Developer, Contractor or JV or PPP, and can extend to any party who has an interest in the project(s).

In general, a Contract Works policy will insure the value of the contract for physical loss or damage, for all risks not otherwise excluded, and will provide a number of additional benefits to assist in getting the project back on track following a loss.

The Liability section covers your legal liability to pay compensation to a third party for bodily injury or property damage arising from your negligence in undertaking your insured activities.

Additionally, various coverage extensions are negotiable, such as:

  • Delay in Start-Up
  • Liquidated Damages
  • Advanced Consequential Loss
  • Advanced Loss of Profits
  • Difference in Conditions
  • Excess Buy-Down
  • Design Exclusion Drop Down

Cover is subject to the terms, conditions and limitations of your policy wording.

Cover available in the market varies widely and should be carefully considered to ensure it meets your needs. Speak to the Planed Cover Construction advisors to discuss your requirements.

Single Project Contract Works Proposal

Annual Contract Works Proposal

Whether you have one item or a fleet, Contractors Plant & Equipment is a must to ensure the continuity of your business following loss to or damage of your items. Unlike a motor policy, Contractors P&E provides a number of insurable sections that can be customized to fit your needs and include the following:
  • Loss or Damage
  • Road Risk
  • Liability
  • Hired In Plant
  • Financial Protection
  • Breakdown

Cover is available for a range of equipment from forklifts and bobcats through to drilling rigs and cranes. This policy is ideal for the builder with plant items used on their own job sites, or for the professional trade contractor who prefers to bundle their insurances into one.

A building contractor that provides design or design and construct services to their clients assumes the role of a “professional” and as such is subject to additional liabilities and responsibilities. Many building contractors in this situation are unaware of these liabilities and do not take them into consideration in their risk management plans.

Design services may be undertaken in house or may be sub contracted to an external consultant. Regardless, you are liable to your client for any claims arising out of damage loss or injury incurred as a result of a breach of professional duty.

Professional Indemnity policies are “claims made”, which requires a policy to be in place, and for you to notify your insurer within the current policy period, of any circumstances that you become aware of that may give rise to a claim.

Professional Indemnity claims have the potential to run into the hundreds of thousands, if not millions of dollars, so we recommend you speak with our Planned Cover Construction specialist advisors to discuss your need for this class of cover.

Management Liability packages a number of products specifically designed to cover businesses and their directors for financial exposure faced when running a business. A must for any business, coverage is broad and consists of the following sections, with optional extensions:
  • Directors & Officers Liability
  • Corporate Liability
  • Employment Practices Liability
  • Statutory Liability
  • Crime
  • Superannuation Trustees Liability

For many businesses, a bricks and mortar asset will be the most valuable they will ever own and can be a source of significant stress when loss or damage occurs. There are a number of ways to protect your assets and our Planned Cover Construction team can recommend the best option for your business.
Protecting your debtors list against financial loss is one of the biggest challenges any business faces. Even the most disciplined credit management cannot prevent bad debts, but the impact can be significantly reduced by a Trade Credit policy. Trade credit covers your losses and protects your cash flow if a debtor defaults on payment or becomes insolvent. In addition, the security this policy provides may assist in boosting your borrowing capacity with your bank.