Contractors typically work on a whole range of different construction sites. With the sheer variety of different work places comes an equally diverse range of different risks and perils – all of which may threaten your being able to carry out the work you have been contracted to do.
Although construction sites are likely to vary from one place to another, there is one common threat likely to be shared by them all. And that is the risk of theft, loss or damage to the tools, equipment and materials you own and use. Not only are all these expensive to buy and replace, but they are essential to your being able to do the job. Without them, you are likely to be completely lost.
Contractors all risk insurance, therefore, is designed to provide you the protection you need for the tools of your trade, the plant and equipment you may be using on site, and the materials required to get the job done.
The risks may be many and varied – ranging from fire, floods, storms, malicious damage, vandalism and theft. Contractors all risk insurance is designed to protect you against all such risks and more besides.
Why choose us for your contractors all risk insurance?
Here are just a few of the reasons:
- Contractors all risk insurance is one of our specialities – and more than 26,000 tradesmen entrust us with all their insurance needs
- We arrange cover for more than 150 different trades
- Competitively priced premiums – more than one in five of our customers pay less than £500 a year for their contractors all risk insurance*
- We can package your Public & Employers Liability with your Contractors All Risks so that you have one policy
Contractors all risk insurance explained
This type of insurance provides comprehensive cover under a single policy for a wide range of risks to the physical works, drawings, temporary buildings, tools, plant and equipment that you may be using on your construction site.
The Contract Works
The principal heading and element of cover is for the building works themselves – whether the works in progress or completed structures. It also includes cover for all materials which are stored on or immediately next to the site on which you are working.
The total sum insured for this element of contractors all risk insurance is typically the cost of completely rebuilding the project and replacing all of the materials used.
Tools, plant and equipment
Cover is provided against the theft, loss or damage of all your tools, plant and equipment, including those which have been hired in for use on the site.
You might want to ensure that the total sum insured provides for the replacement of tools, plant or equipment that is stolen and check whether your policy provides compensation for additional hire charges arising from delays to the repair or replacement of lost or damaged items.
Under this heading, some policies may also extend a degree of cover for tools and equipment owned and used by your employees on the site.
Most construction sites have on them buildings which serve as site huts, storage areas or other accommodation. Contractors all risk insurance typically provides cover for loss or damage to such structures and any plant or tools stored within them.
The replacement of architects’ drawings lost or damaged as a result of one of the insured risks is typically included in this type of insurance.
Show home contents
Where completed building works include a show home, it is common for contractors all risk insurance policies to include cover for the contents of such a home.
Once the building works have been completed and homes are awaiting onward sale, it is common for contractors all risk insurance to extend cover until the property is sold or for a given number of days following completion of the work.
If the property remains unsold after this period, you might want to arrange separate, standalone unoccupied property insurance to protect the structure and fabric of the completed building.
Since contractors all risk insurance aims to provide comprehensive cover within a single policy there are typically a number of additional options which you might want to consider.
These might include, for example:
- Demolition and site clearance costs following a major insured event
- Engineers or other professional fees incurred during the investigation of repairs
- Costs associated with the clearance or cleaning of drains
- Cover for insured items whilst in transit.
It might be clear, therefore, that contractors all risk insurance offers one of the most comprehensive methods for protecting building works and the tools, plant and equipment on a construction site. Reflecting that comprehensive approach, this form of cover is also likely to be one that gives you the ability to tailor the cover to meet your precise needs and requirements.