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What is Contractors All Risk Insurance?

Contractors All Risk Insurance, also known as contract works insurance, provides cover for damage to building works and materials on your construction site. For example, if work that is underway is damaged by a fire, flood, storm, theft or poor workmanship then this cover can help pay to repair or redo that work. The “All Risks” element means that there will be insurance cover for any loss or damage to the property and materials other than specific exclusions.

Why do you need Contractors All Risk Insurance?

Construction projects carry an element of risk and can be complicated. Things can go wrong for no apparent reason and without insurance cover you could be left in a financially perilous position. Imagine a building suffering irreparable damage just prior to completion. The cost would be enormous to start over again. Insurance gives you the peace of mind you need to know that you are protected should the worst happen.

Main Benefits of Contractors All Risk Insurance:

  • Contract Works
  • Subcontractor liability
  • Tools in Transit
  • Owned Plant and Machinery
  • Hired in Plant

Additional insurance covers which can be added to form a Contractor Combined policy:

  • Public Liability Insurance
  • Employers Liability Insurance
  • Professional Indemnity Insurance
  • Non-Negligence Insurance

Do I need Contractors All Risk and Public Liability Insurance?

Yes you need both. Public Liability insurance only covers damage for third party premises or bodily injury. If you only have Public Liability Insurance then none of the building work you undertake on a project will be insured at all. A contractor combined policy should be purchased which provides both elements of cover.

Why use Stanhope Cooper?

Stanhope Cooper has years of technical knowledge and experience in the construction insurance sector. We explain the cover you need and what you don’t need. We work with a panel of leading insurers to make sure you have the right policy for you at the right price.