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Contact Works

Contract works insurance policies cover the materials and equipment used in connection with a specific contract against loss or damage at your own premises, the contract site and in transit. Cover can be arranged for specified perils, eg. fire, lightning, storm and flood, or more commonly on an “all risks” basis subject to pre agreed exclusions.

What is covered? The wording generally revolves around the following categories of assets:

  • The materials involved in the works
  • Owned plant and equipment
  • Hired in plant including liability for hire charges following damage
  • Site huts and temporary buildings
  • Employees tools

When arranging cover for our clients, due consideration is given to:

  • Contract value
    • Policies will contain a maximum contract value which needs to be closely monitored to ensure you are not overcharged for your insurance, but have the required level of cover should a tender be successful for a large contract
  • Plant security
    • The number of security warranties around mechanically propelled plant are increasing within policy wordings, some of which need re writing to ensure claims will be met
  • Terrorism
    • Not automatically covered. Does the contract you are operating under require the insurance?
  • Contract conditions
    • Do you know what contract form you are working under? What are your insurance obligations? Most insurance contracts are based on the JCT conditions of contract and do not provide the required cover as standard for alternatives such as NEC 3
  • Hired in plant limits
    • Maximum values will be specified within the wording regarding the value of plant hired in. Cranes regularly exceed the values imposed by insurers unless amended

Castlemead Insurance Brokers have the knowledge, experience and market connections required to competitively place the required cover for your business.

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