While projects are still being completed, they are often in a very fragile state. Without the finished supporting, storms and winds can wreck havoc on exposed surfaces. Materials are at risk of being stolen or maliciously damaged whilst the project awaits final security. Having to redo your project on your own account will severely set back your company. Contractors all Risks will protect your project until it has reached practical completion. It will also cover your materials whilst in storage, whilst en route to and whilst at your site.
Very Importantly, Contract Insurance also includes Liability cover. As you work on third party sites, you are always at risk of injuring third party people or damaging their property. This can be as innocent as hitting an underground pipe to a roof tile falling on a nearby car. The consequences of these small mistakes can however be vast. it is for this reason that more and more principals wont even allow contractors on to the site without proof of their liability insurance.
The most common claims on Contract Insurance policies involve theft of materials, materials being damaged whilst en route to site, surrounding property being damaged whilst the project is being completed, rain falling on exposed parts of existing structures, damages by storms and lightning. The most expensive claims tend to be caused by fires, liability caused by defective workmanship, injuries to third parties and damages caused to underground or overhead services.
Contractors all Risks will protect your project until it has reached practical completion