Contract Works - Contractors All Risks
A Contractors All Risks policy (also sometimes known as Contract Works or Erection All Risks cover) covers material damage to the works and materials during the construction period (prior to practical completion), and damage caused during any rectification works during the agreed defects liability period.
Additional covers available under the policy following an event that causes a loss include:
- Removal of Debris
- Consultants and Professional Fees
- Expediting Expenses
- Mitigation Expenses
- Escalation Costs to reinstate.
In general, most Contract Works policies provide the basic covers specified under standard construction contracts. The Construction contract Schedules will usually also specify the limits of additional benefits also required to be insured.
It is also possible to include additional parties under a Contract Works policy such as an Owner, Financier, Contractors and Subcontractors.
Obtaining a Quotation
Generally in order to obtain a quotation the information required is as follows:
- A detailed Scope of Works
- A Schedule of Works
- Copies of any Plans, Designs, Drawings
For more information please contact ARMS Risk Management and we will discuss with you any additional information required based on the scope of works.
All policies are subject to the insurer's policy terms, conditions and exclusions contained in the policy wording and agreed with the insurer. The information provided in our Product pages are a general description of the cover only. For more information about any of the insurances on our website please contact ARMS Risk Management.