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Construction Insurance Brokers Gold Coast and Brisbane, QLD

If you are a builder, sub-contractor, or an owner builder, all construction works must be insured under a Construction Insurance Policy in QLD.

Whether you are starting a new project, or renovating an existing structure, our Construction Insurance Brokers can ensure you are adequately protected for any losses which may be incurred for the duration of the project.

If you are a builder, sub-contractor, or an owner builder, all construction works must be insured under a Construction Insurance Policy in QLD.

Whether you are starting a new project, or renovating an existing structure, our Construction Insurance Brokers can ensure you are adequately protected for any losses which may be incurred for the duration of the project.

Construction Works Insurance Explained

The risks involved in the construction or renovation of a building vary in comparison to that of a business or commercial property insurance policy, and a “Construction Works Insurance” policy comprises of two primary components;

Material Damage; this provides cover for the work being undertaken in the event of physical damage and is designed to ensure that there are adequate funds available to start over if necessary.

For builders or home owners who are working on an existing structure (renovations, extensions etc.) it is important to understand that the current building insurance policy may not include coverage for works over a certain value. This is typically measured as a percentage of the property value of the existing structure.

As an example:

  • Value of existing Structure: $1,000,000 (cover extends to renovations of 10%)
  • Value of Renovation: $400,000
  • Gap in Coverage: $400,000 – $100,000 = $300,000

In this situation, a single project construction policy is recommended to ensure that there is no gap in coverage. There are also some insurers on our panel who are able to extend cover to include the original building as well.

Public Liability: similar to the Liability of a Business Insurance policy, this will provide cover in the event you are sued for damage or injury to a third party. Flexibility is also a benefit of these policies, with the option to include specific clauses relevant to your industry.

In addition to the Material Damage and Public Liability sections, there are many extensions available to ensure that there is adequate coverage for the building materials whilst in transit to the worksite, as well as the tools, plant and equipment which may be involved in the project.

What Is Construction Works Insurance?

Construction Insurance (sometimes referred to as Construction Works Insurance), is designed to cover the physical damage or loss to a building, whilst in the course of construction.

Why Do I Need Construction Works Insurance?

When you’re working on a construction site, there are a number of risks involved. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss.

Our Construction Insurance Brokers can ensure you are adequately protected for any losses which may be incurred for the duration of your Construction Works. Brisbane and Gold Coast Based Construction Works Insurance Brokers

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Speak to one of our experienced Construction Insurance Brokers.