Helpful Articles for Building Contractors
Information Contractors Need to Know
With new regulations and the onset of the Insurance Act many contractors that work in the construction industry may be in for some nasty surprises when renewing their insurance.
Are you Covered for Special Risks?
How often does your broker actually go through all the exclusions and pair them with work or contracts you have undertaken in the past to make sure you are covered correctly?
Liability Insurance: How Much Is Enough?
Though you know that you need liability insurance as a contractor, it is not always easy to pick the right insurance package or know the exact cover options you need for your business.
Finding you the right cover at the right time.
Tailoring your cover to match your business' needs is something we pride ourselves on at Primo. See below for typical examples of cover and options you may require.
Contractors All Risk
Provides cover for damage to property and also damage or injury to third-parties. Damage to property can include incorrect construction, renovation damage or damage to temporary work on sites. C.A.R. policies are typically taken out by both the contractor and the employer and may have others such as finance companies named in the policy.
Some construction projects you undertake will make you responsible for partially completed work. For instance, you're in the middle of building a house, and a flood destroys the work you have done contract works insurance could cover the cost of redoing that work. Your broker will help you determine the right level of cover needed.
What is Covered? Your buildings, fixtures and fittings: including gates, fences, car parks, as well as underground cables and pipes. It may also include cover for stock and cash on the premises and in some cases it can also provide for seasonal stock increases free of charge.
If your business needs to close after a disaster like a flood or a fire, perhaps even after a forced entry business interruption insurance covers the shortfall in your business' income.
Whether it's a portacabin or a row of portaloos most construction sites have temporary buildings. Temporary buildings cover often provided with a C.A.R. policy covers loss or damage to these temporary structures and may cover any plant or tools stored in them.
For more information on our motor fleet policy please click on the link below.
Plant and Machinery
Please see our dedicated page on plant and machinery insurance. Cover for hired-in or owned plant and machinery.
In the case of most damage to a third-party property a claim would be made against the negligent party and compensation would be covered by their liability insurance, however, what if a third party property is damaged due to building works where no-one has been negligent? That's where JCT insurance comes in.
Tools, Materials & Equipment
Often included as part of a contractors insurance policy this covers loss or damage to contractors tools, equipment and materials while they are secured on-site.
Covers the cost of replacement due to loss or damage of architects drawings. Usually covered as part of a contractors all risks policy.
Where a completed works include a showhome contractors all risks policies will typically include cover for it's contents as standard.
Properties Awaiting Sale
Also known as completed works, properties awaiting sale are covered until sold or for a number of days following the completion of the property. If the property remains unsold you may want to arrange standalone unoccupied property insurance.