Risk context
Construction risk is contract-shaped. The insurance requirements sit in the contract documents, and the policy has to answer them rather than the other way round.
Joint names, waiver of subrogation and maintenance periods are the provisions most often missed when cover is arranged in a hurry.
Concepts that appear in this class
- Contract works
- Cover for the permanent and temporary works during construction, up to a stated contract value.
- Joint names
- Contracts frequently require the employer and contractor to be jointly insured.
- Maintenance period
- Cover during the defects period after practical completion is defined separately.
- Own and hired-in plant
- Plant is insured on a scheduled or declared basis, with hired-in plant treated separately.
These are general descriptions of terms commonly used in this class of insurance. They do not describe your policy. Whether any of them apply, and on what terms, is determined by the wording, schedule and endorsements issued to you.
What moves the terms
- 01Contract values and duration
- 02Existing structures and works to occupied buildings
- 03Depth of excavation, height of work and hot work
- 04Subcontractor use and how they are engaged