Contract works insurance policies insure the construction-related activities of a construction project into one packaged policy, covering the interests of all parties involved in the development. Covered parties can include the project owner, general contractor, subcontractors, and in some cases, materials and equipment suppliers.
Contract works insurance, sometimes referred to as “Construction All Risks Insurance“, covers accidental risks of physical loss or physical damage to the contract works during construction as well as third party liabilities and the advance loss of profits. It is an all-risk policy, subject to policy conditions.