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.
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.
- Loss or Damage
- Road Risk
- Hired In Plant
- Financial Protection
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.
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.
- Directors & Officers Liability
- Corporate Liability
- Employment Practices Liability
- Statutory Liability
- Superannuation Trustees Liability