This is an “All Risk” policy that seeks to cover various activities relating to construction.
Contractors All Risks insurance, sometimes referred to as contract works insurance, provides protection to cover the various activities relating to construction.
For example, if the work that’s in progress is damaged as a result of a flood, fire, storm, theft, or even vandalism, then this cover can help to cover the costs of repair or for complete re-do the work.
The Contractor All Risk insurance policy may be a mandatory insurance requirement depending on the project, even if it’s not, it would cover any liability while working on a construction site thus it is recommended to have this in place before starting a project.
Imagine if you were near completion of a large project and the building then suffered irreparable damage due to a natural disaster such as a storm or flood.
The financial impact this would cause would be substantial. You can help protect against these threats by taking out a “Contractors All Risks” insurance to pay for the cost of the work to be redone. The insurance would mitigate this risk and provide you peace of mind.
Contractor All Risk insurance policy can prove to be of invaluable importance as it protects and covers losses in cases of unforeseen damage.
The policy can also cover: