Individual Project Contract Works and Liability
For material damage and legal liability for personal injury or property damage for a specific construction project.
Annual Policy Contract Works and Liability
For material damage and legal liability for personal injury or property damage for works commenced during the period of insurance. Our annual policy can be configured as a transfer policy, run-off arrangement or project declaration policy. Additional cover is available for loss of rent, holding costs, development costs and loss of profit.
There is a significant Professional Indemnity exposure for this occupation associated with claims for Bodily Injury, Property Damage and Financial Loss arising out of an error or omission in design, consultancy professional advice, contract administration and project management and specification. Larger scale operators increasingly rely on finance packages and special house/land deals to attract potential customers also and the provision of financial services to prospective customers gives rise to further exposures. There are a number of companies now offering design and construct policies.
The Building Contractor’s office will be responsible for a range of Corporate Management activities including policies and procedures in relation to Employment Practices, Recruitment, OH&S, Tax and other Corporate returns, provision of advice to franchisees or branches, statutory returns and many other elements of corporate governance, making these product lines an important consideration.
Construction risk is associated with work at the construction site including the risks of unauthorised access, attractive nuisance, excavation work, liability to sub-contractors, vicarious liability for sub-contractors, damage to customer and other third party property, business interruptions e.g. from interruption of gas or water supply and third party injuries from tools, equipment and materials. Good risk management of on-site risks is essential.
Construction clients are often surprised to hear they have a products liability exposure. Although claims will be rare, they could be severe. Because the principal contractor is responsible for inspecting and approving all the work that goes into a project, you may be held responsible for a wide range of problems that can develop with a completed structure, including those arising from errors made by subcontractors. The main risks include: (a) the use of lower-quality product or materials; (b) not following specifications or building codes, and (c) defective work.