What is Contractworks insurance?

What is Contractworks insurance?

The purpose of Contract Works Insurance is to protect both yourself and your assets should any loss, damage or injury occur whilst undertaking a construction project. Contract Works Insurance is cover taken out to insure aspects of construction projects such as: Accidental damage to on-site materials.

What is annual construction insurance?

What is Annual Construction Insurance? An Annual Construction Works policy, otherwise known as a Contract Works policy, provides cover for multiple construction projects during the policy period.

Who underwrites mecon?

AIG Australia Limited
MECON office Mecon Insurance Pty Ltd ABN: 29 059 310 904 AFSL: 253106. Underwritten by AIG Australia Limited ABN: 90 004 727 753 AFSL: 381686. Mecon is a wholly owned subsidiary of Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’).

Who is responsible for contract works insurance?

If it’s labour only or an alteration, renovation or otherwise involves work to an existing structure, it is generally the owner’s responsibility to arrange contract works insurance. Most contracts will specify this and it’s for their protection as well as yours.

How much does contract works insurance cost?

The contract works insurance premium would be between $400 and $600. Putting on a two of bedrooms: Adding two bedrooms and kitchen renovation. In total the works will cost about $100,000 and take about six months to complete. Premium between $500 and $700.

What does contractor all risk insurance cover?

Contractors all risk insurance typically includes cover for the contract work undertaken and provides cover for the building works itself, whether completed or in progress. Contractors all risk insurance typically provides cover for loss or damage to such structures and any plant or tools stored within them.

Do I need construction insurance?

If you’re a licensed builder or tradesperson in NSW, you need to get home building compensation (HBC) cover for each home building project over $20,000 including GST. HBC cover, which used to be called ‘home warranty insurance’, protects homeowners as a last resort if you can’t complete building work or fix defects.

Do subcontractors need contract works insurance?

Broadly speaking a subcontractor will not require contract works insurance unless they are running their own projects on the side.

Who needs contractors all risk insurance?

All risks insurance for contractor is generally taken out by anyone who works on a construction site, including: General building contractor Insurance. Electrical contractors insurance services. Plumbers contractors insurance.

Is contractors all risk the same as contract works?

Contract works insurance is just one cover available under a contractor’s all risks (CAR) policy. You can purchase a CAR policy without purchasing contract works cover, this may include covers such as employer’s liability, public liability and hired-in plant cover.

How much does it cost for construction insurance?

General liability insurance costs for contractors and construction businesses. Contractors and construction businesses pay a median premium of less than $70 per month, or $825 per year, for general liability insurance.

What kind of insurance does a contractor need?

What Types of Insurance Should a Contractor Have?

• Commercial General Liability Insurance. Commercial general liability is one of the most common types of insurance for contractors.
• Workers Compensation.
• Contractors Pollution Insurance.
• Automobile Liability Insurance.
• Builders Risk Insurance.
• Roofers Insurance.

What kind of insurance does MECON insurance offer?

MECON’s Annual Projects policy combines both material damage and public liability. We offer the flexibility of policies which can operate on a: We insure simple or complex projects whether they are owner-builder, residential, commercial, civil or mechanical.

Do you need to insure a single MECON building?

We can insure simple or complex projects whether they are owner-builder, residential, commercial, civil or mechanical. ** If you are an owner-builder, or a retail client and you need to check the sum insured for a single residential dwelling, you may wish to use the sum insured calculator to assist you in arriving at an appropriate value.

What do you need to know about MECON product portfolio?

Here you will find everything you need know about the extensive product portfolio from MECON. You’ll also find case study evidence of how each product has been applied.

What do you need to know about contract works insurance?

Important cover for commercial, industrial and domestic builders, sub-contractors, and owner-builders against damage, natural disasters, injury, theft and product or public liability. What do you need to know? Who should consider it?