Contract Works insurance is a policy designed to protect your investment against damage to or theft of materials from your site or in transit to the site together with damage to the building in the course of construction.
The policy will not only protect your own and hired in plant against risks such as theft but also vandalism, fire and flood to name but some of the extended perils available.
Plant and Machinery is continuing to be a target for thieves irrespective of whether the item is a cement mixer or excavator. Indeed it is not uncommon for thieves to visit properties as they are approaching completion and remove kitchens, appliances and the like.
This policy is primarily for the larger claim that will affect your livelihood. Small tools and equipment and indeed materials often go astray on site. To this end the excesses under the policy usually range from £500 upwards. Frequent small claims would increase the premium to an uneconomic amount.
Irrespective of your business size, think of the maximum value of any one contract you may undertake and you will soon appreciate the need for contract works cover.