Coverage / Property and construction
Construction all risks
The contract decides who insures the works. Read it before the market does.
Contract works, plant and third-party liability for developers, main contractors and fit-out firms.
01 Scope
What it may cover
Subject to wording. Insurers differ; a sound policy answers these three points.
Physical loss or damage to the works during construction and the maintenance period.
Third-party injury and property damage arising from the works.
Optional cover for existing structures, surrounding property and delay in start-up.
02 Placement
What affects price and terms
Underwriters price what they can see. These facts come first, so we present them before they ask.
Contract value, programme and the method of construction.
Site conditions: slopes, excavation depth, adjacent buildings and MTR protection zones.
Contractor's record and the quality of the site safety plan.
Defects wording: LEG 2 or LEG 3, and how the client's contract allocates it.
03 The underwriting file
What we need from you
- Contract summary with the insurance clauses marked.
- Programme, method statement and site investigation report.
- Contractor and subcontractor list with claims history.
- Values for contract works, principal's materials and plant.
A complete file reaches more markets and returns firmer terms. Gaps are priced as uncertainty.
04 At renewal
Common gaps at renewal
01Two policies covering the same works
Principal-arranged and contractor-arranged cover overlap more often than they should. One programme, one wording.
02Existing structures left out
Damage to the building being altered is excluded unless declared. Fit-out projects are most exposed.
03Maintenance period shorter than the contract
The policy must run to the end of the defects liability period in the contract.
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