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Frequently Asked Questions

What are the main types of construction insurance?
The first type covers damage to property, such as building works, other premises or a business, such as a contractor's policy, a latent defects policy, and a policy to cover loss of rent or profit. The second category covers liability to another party, and can included professional indemnity insurance, employers' liability insurance, and public liability insurance.

Who needs construction insurance?
Construction insurance is an essential purchase for any builder, contractor, and construction company or construction manager. Considering the fickle nature of the construction industry, insurance can be comprehensive and cover a multitude of possible problems. The cost of solving these problems is normally many times the cost of the insurance premium. This is why construction insurance is an essential part of a construction budget.

What typically does a construction insurance policy cover?
Even on a very basic level, construction insurance can cover all construction equipment and property in the case of accidental damage, theft and weather. For the workers on the construction site, full liability covering medical and legal costs and subsequent workers compensation is also covered. Regardless of the size of your project and the number of people on your team, you can have piece of mind by have a complete construction insurance package.

What typically does a construction insurance policy not cover?
The transportation of building materials from warehouse to building site is not normally covered but some of the better insurers are now covering this as standard. Construction insurance does not cover any extra costs incurred due to delayed completion of the project regardless of the reason for delay.

Additional insurance products
Construction insurance insures the property until it is built but does not cover subsequent problems the building may experience due to errors in workmanship. If you want total security surrounding any construction you are liable for, then you should take out professional indemnity insurance in the event you need to fix the property or the problems with the property have caused any injuries.

Additional coverage for a construction insurance policy
In construction, there are numerous sub-contractors that will enter your construction site. How do you know how many are on your site at any time and are they the same contractors working from day to day? A standard policy may only cover your immediate workforce and specific contractors. Ensure your policy covers all the people who potential enter your construction site.

How much construction insurance typically cost?
Construction insurance is usually a percentage of your total construction budget. The size of the percentage is dependant to the scope of the project at hand. You may find that a small house may be around 1% of your total cover whereas a high rise block may be over 5%. The exact percentages are then determined by the level of coverage required and the insurer you choose to go with.

What are the most common problems with insurance policies?
Failure to make full disclosure of all material facts when taking out a policy and failure to promptly notify possible claims are perennial problems. Any party taking out insurance should always carefully consider the policy wording to check that it is adequate for purpose.  Policies are all too often unclearly or inconsistently worded and may contain exclusions which limit their usefulness.

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