What is Contractors All Risks insurance?

If you are involved with extending, refurbishing, converting a building or a "self build," you are probably responsible for the work until it has been completed and handed over to the owner of the finished property. If your work is damaged before handing over, you will be liable for all of the costs of doing the work again. Additionally, you may have materials, tools, plant and site huts, all which will require cover for loss and damage. This is where a contractors all risks insurance (also known as Contract Works) policy can help. Please note, if you are refurbishing a building, the existing structure will still need to be insured by the owner.

During a contract, materials and labour will be used to realise the project. If an insured event occurs, the materials might not be re-usable and the labour used so far will have been wasted. Both these costs can be re-claimed on a Contractors All Risks Insurance policy, so the project can be re-instated back to the original state it was before the claim, at no further cost to the contractor. The project can then be finished and handed over. Contractors All Risks Insurance cover can prove to be invaluable in ensuring a project stays viable and the contracting company stays solvent.

If you are undertaking a self build project - that is to say that you are building a house that you will move into after completion and use as your home - you will require a self build insurance policy which includes contractors all risks insurance, public and employers liability, plant, tools, and materials insurance, all in one package of cover.

Premiums start at £160.65 for contractors all risks insurance if combined with public liability insurance or £367.50 for a "stand-alone" policy. An extra premium is charged for optional cover such as own plant, hired-in plant, site huts and employees tools insurance.

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