{"id":450,"date":"2021-12-08T08:10:24","date_gmt":"2021-12-08T08:10:24","guid":{"rendered":"https:\/\/www.hazardco.com\/nz\/?p=450"},"modified":"2024-08-28T02:18:03","modified_gmt":"2024-08-28T02:18:03","slug":"contract-works-insurance-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.hazardco.com\/nz\/blog\/contract-works-insurance-what-you-need-to-know\/","title":{"rendered":"Contract Works Insurance: What you need to know"},"content":{"rendered":"<p><span style=\"font-weight: 400\">It\u2019s important to have the right kind of insurance in place to manage risks and keep your business moving if anything goes wrong, especially if you work in construction and trades and you\u2019re footing the bill if it all goes belly up. Contract works insurance will ensure your construction project is protected from start to completion.\u00a0<\/span><\/p>\n<h2><b>Contract works insurance<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Contract works insurance covers your project during the construction stage and protects you from accidental loss or damage due to fire, flood, storm, vandalism, or theft during the build.\u00a0<\/span><\/p>\n<p><b>What is contract works insurance?<\/b><\/p>\n<p><span style=\"font-weight: 400\">Contract Works insurance is designed to cover accidental and sudden physical loss or damage to the project that is insured during the construction stage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">When you work in the trade industry, your tools are your lifeline. If anything goes missing, <\/span><span style=\"font-weight: 400\">you need it replaced. <\/span><span style=\"font-weight: 400\">Depending on your policy, this could also include the cost of the labour, materials and tools required in order to get the job back on track.<\/span><\/p>\n<p><b>\u00a0What could a Contracts Works policy cover?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Natural disasters, such as bushfires, fire, earthquakes, flood and water damage, subsidence and landslip, storm, tsunami, or wind.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Building materials, equipment, or tools being transported to your building site.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Theft, vandalism, and arson of construction work and materials.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Loss and accidental damage while building work is being carried out.<\/span><\/li>\n<\/ul>\n<p><b>Who is responsible for arranging cover?<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\">For new builds, contract works is required and the builder or construction company usually arranges this cover. However, If renovations or alterations are being done to an existing structure, the responsibility will fall on the owner.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are two main types of Contract Works policies. Depending on your situation, you may want a one-off contract and look at this project by project, or an annual policy for someone who regularly builds new homes.\u00a0<\/span><\/p>\n<p><b>Who needs this?\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Tradespeople who run their own projects<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Builder Business Owners<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sub-contractors\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">As a business owner, the key to success is minimising any potential risks for your company.\u00a0<\/span><\/p>\n<p><b>Why do you need contract works insurance?<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\">If any one of the below happened to you, it\u2019s important you have Contract Works in place to keep you covered.<\/span><\/p>\n<p><b>To protect from vandalism and theft<\/b><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">A construction company was vandalised by a digger that was on-site and was facing a total rebuild of over $200,000 after someone demolished a house during the night<strong><em>. <\/em><\/strong><\/span><strong><em><a href=\"https:\/\/www.stuff.co.nz\/auckland\/300330792\/carnage-on-building-site-as-vandal-destroys-house-with-20tonne-digger\">Check out the article here<\/a>.<\/em><\/strong><\/p>\n<p><b>To protect from natural disasters<\/b><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">If there is a natural disaster such as a fire, earthquake, flood and water damage, subsidence and landslip, storm, tsunami or wind. Contract Works insurance puts your mind at ease by keeping you covered.<\/span><\/p>\n<p><b>To protect building materials and tools being sent to your building site<\/b><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">If any equipment that\u2019s being sent to your site gets damaged, lost or delayed then contract works insurance can help.<\/span><\/p>\n<p><b>To protect from accidental damage while work is being carried out<\/b><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">This could cover an accidental nail through a water pipe, causing internal flooding or roof trusses collapsing after a load-bearing wall was removed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">We want to help you protect your crew and your business. That\u2019s why we\u2019ve partnered with Cactus Insurance to make it super easy to protect your site from start to finish.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cactus are just like us, created by tradies for tradies to make insurance simple. They offer straightforward policies with everything you need and nothing you don\u2019t.<\/span><\/p>\n<p><strong><em><a href=\"https:\/\/www.hazardco.com\/nz\/cactus-insurance\/\">Find out more here.<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s important to have the right kind of insurance in place to manage risks and keep your business moving if anything goes wrong, especially if you work in construction and trades and you\u2019re footing the bill if it all goes belly up. Contract works insurance will ensure your construction project is protected from start to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[15],"tags":[12],"class_list":["post-450","post","type-post","status-publish","format-standard","hentry","category-en-nz","tag-builders"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Contract Works Insurance: What you need to know - HazardCo NZ<\/title>\n<meta name=\"description\" content=\"Contract works insurance will ensure your construction project is protected from start to completion to manage your business risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hazardco.com\/nz\/blog\/contract-works-insurance-what-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contract Works Insurance: What you need to know - 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