It’s not unusual for the value of a construction project to change once work is underway. Variations, changes in materials, or updates to the scope can all impact the total contract value.
Most Contract Works policies include a Variations and Escalations extension, which allows for some flexibility. However, this is typically limited to a set percentage above the original contract value and is designed to account for minor adjustments only.
If the project value increases beyond this margin, please notify us as soon as possible. This gives us the chance to:
- Review the updated contract value
- Adjust the policy if needed
- Make sure your project is fully covered for the actual value of work being completed
Leaving the policy unchanged may result in underinsurance if a claim needs to be made during or after the project.
At Webber Insurance, we’re here to help keep your cover accurate from start to finish. If your project scope or value changes, contact our team, and we’ll guide you through the next steps.
