Construction Insurance (otherwise known as Contract Works Insurance) can cover a single; specific construction project, or an annual policy to cover a number of projects. Coverage is generally arranged by the principal, head contractor or owner builder and provides cover for both Damage to Property occurring on the job site and/or Public and Products Liability for third party property damage or third party bodily injury arising out of your negligence.
Coverage is generally extended to include the contractor, the principal, sub-contractors, financiers and other interested parties to the contract.
Professional Indemnity is available as an extension should you provide any design, or alter any designs.
Contract Works policies can be based on contracts commenced during the policy year (Cover continues until the contract is completed) or based on the work done during the policy year. Be very careful when changing Insurers that the bass is the same, otherwise you may find yourself with unintended gaps in cover.
The extensions such as removal of debris, escalation, etc make the difference between good and great cover.