BUILDERS WARRANTY INSURANCE
Statutory insurance applicable to certain residential construction over $20,000. The insurance provides cover to the owner of a property against the builder not completing the works. It also covers the owner for 7 years after the building permit is issued against structural defects should the builder be unable to rectify due to being insolvent, deceased or not locatable.
CONTRACT WORKS INSURANCE
Also known as contractors all risk, this is cover for the works and existing structure (if required) against physical loss or damage. Policies can include cover for principal supplied materials, damage to materials during transit and theft of materials off-site.
PUBLIC & PRODUCTS LIABILITY INSURANCE
Builders liability cover both on and off site for claims arising from construction activities. Although most contractors engaged by builders will carry their own Liability insurance, the Builder or Head contractor is responsible for the site, therefore has a vicarious liability exposure for any activities undertaken on site.
Related cover – Contractors Pollution Liability; Vibration Weakening or the Removal of Support; Property in Care, Custody and Control; Completed Operations